/raid1/www/Hosts/bankrupt/TCR_Public/230425.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Tuesday, April 25, 2023, Vol. 27, No. 114
Headlines
1501 WEST REALTY: Has Deal on Cash Collateral Access
AMERICAN LAND: Files for Chapter 11 Bankruptcy
AMERICAN SCREENING: Files for Chapter 11 Amid Judgment
AZURE DEVELOPMENT: Unsecureds Will Get 95% of Claims in 36 Months
BANYAN CAY: Seeks $3.8MM DIP Loan from US Real Estate Credit
BED BATH & BEYOND: Case Summary & 30 Largest Unsecured Creditors
BED BATH & BEYOND: Says Canadian Liquidation Set to Be Completed
BED BATH & BEYOND: To Close and Wind Down 473 Remaining Stores
BEP ULTERRA: S&P Affirms 'B-' Issuer Credit Rating, Outlook Stable
BEVERLY COMMUNITY HOSPITAL: S&P Lowers LT Debt Rating to 'CC'
BORREGO COMMUNITY: Seeks to Tap Skadden as Board's Special Counsel
BOSTON BIOPHARM: Seeks to Hire Marshack Hays as Legal Counsel
BOURBON ENERGY: Seeks to Hire Robert L. Marrero as Legal Counsel
BOXED INC: Seeks to Hire 'Ordinary Course' Professionals
BOXED INC: Seeks to Hire Epiq as Administrative Advisor
BOXED INC: Seeks to Hire Freshfields as Bankruptcy Counsel
BOXED INC: Seeks to Hire FTI Consulting as Financial Advisor
BOXED INC: Seeks to Hire Potter Anderson & Corroon as Co-Counsel
BOXED INC: Taps Solomon Partners Securities as Investment Banker
BOY SCOUTS: Abuse Victims Reach Chapter 11 Fee Deal
BRAND MARINADE: Starts Subchapter V Proceedings
CA TECHIES: Seeks to Hire Michael Jay Berger as Bankruptcy Counsel
CATALINA MARKETING: Unsecureds Unimpaired in Prepack Plan
CELSIUS NETWORK: Preps Up Litigation vs. Tiffany Fong for Info Leak
CHENG & COMPANY: Seeks to Hire Drescher & Associates as Counsel
CITY CONSULTING: Taps Lefkovitz & Lefkovitz as Legal Counsel
CLOVIS ONCOLOGY: Unsecured Note Claims to Recover 10.1% to 26%
CLUB AT MEXICO: Taps Nabors and Sidrony as Independent Assessor
COPPER MECHANICAL: June 6 Plan Confirmation Hearing Set
COPPER MECHANICAL: Wants Until July 20 to Confirm Plan
CORNERSTONE ONDEMAND: S&P Alters Outlook to Neg., Affirms 'B-' ICR
CORRECTIONAL IMAGING: Seeks to Hire Barron & Newburger as Counsel
CORRIDOR MEDICAL: Seeks to Hire Barron & Newburger as Counsel
CRANE MAN: Subchapter V Plan Confirmed by Judge
CWI CHEROKEE: Gets OK to Hire Scott Galanti, CPA as Accountant
DIOCESE OF ALBANY: U.S. Trustee Appoints Creditors' Committee
DIOCESE OF ALBANY: U.S. Trustee Appoints Tort Committee
EAGLE PROPERTIES: Files for Chapter 11 Bankruptcy
ELITE AEROSPACE: Naylor's Case Remanded to Superior Court
ENPARK LANDSCAPE: Taps Larson & Zirzow as Legal Counsel
EQUISEK INC: Unsecureds Will Get 100% of Claims in 3 Years
FARR LABORATORIES: Taps Alliance Administration as Consultant
FLOOR STORE: Seeks to Hire Honey Law Firm as Bankruptcy Counsel
FORREST CONCRETE: Case Summary & 20 Largest Unsecured Creditors
FULL SPECTRUM: Taps Lefkovitz & Lefkovitz as Legal Counsel
GABHALTAIS TEAGHLAIGH: Synergy Says Disclosure Statement Deficient
GENESIS GLOBAL: Taps Grant Thornton as Tax Services Provider
GRANDOTE INVESTMENTS: Taps Scout Realty as Real Estate Broker
GWG HOLDINGS: Fine-Tunes Plan Documents; Plan Hearing June 15
HARTWICK COLLEGE: S&P Lowers Long-Term Revenue Bond Rating to 'BB'
HIGHLAND CARGO: Taps Michael Jay Berger as Bankruptcy Counsel
ILLUMINE MEDSPA: Taps Latham, Luna, Eden & Beaudine as Counsel
INDUSTRIAL SCREW: Lender Seeks to Prohibit Cash Collateral Access
INMET MINING: Seeks to Hire Jackson Kelly as Bankruptcy Counsel
IO2 MEDICAL: Taps Donlin Recano & Co. as Claims and Noticing Agent
J.B. POINDEXTER: S&P Affirms 'B+' ICR, Outlook Negative
JNJ HOME: Voluntary Chapter 11 Case Summary
KING INTERPRETING: Seeks to Hire BransonLaw PLLC as Legal Counsel
LASHER CONSTRUCTION: Subchapter V Plan Confirmed by Judge
LAZY J. RANCH: Creditors to Get Proceeds From Liquidation
LEGACY CONSTRUCTION: Taps BransonLaw as Bankruptcy Counsel
LTL MANAGEMENT: Gets OK to Hire Epiq as Claims and Noticing Agent
MATLINPATTERSON GLOBAL: Amends Plan to Include VarigLog Claims Pay
MEHR GROUP: Seeks to Hire Law Offices of Jaenam Coe as Counsel
MERIDIAN RESTAURANTS: Will Close 9 Burger Kings in Minnesota
MIA PROCESSING: Creditors to Get Proceeds From Liquidation
MILLER'S ALE HOUSE: S&P Withdraws 'B-' Issuer Credit Rating
MOSS CREEK RESOURCES: S&P Upgrades ICR to 'B', Outlook Stable
MOUROUX FAMILY: Court OKs Deal on Cash Collateral Access
MULTIPLAN CORP: S&P Downgrades ICR to 'B', Outlook Stable
NEW BEGINNING: Taps Landrau Rivera & Assoc. as Legal Counsel
NORTHWEST SENIOR HOUSING: Court Confirms Plan
OLYMPIA SPORTS: Unsecureds to Recover 10% to 15% of Claims in Plan
PALASOTA CONTRACTING: Voluntary Chapter 11 Case Summary
PEARL INC: Seeks to Hire Brian W. LaRose as Appraiser
POLK AZ: Gets OK to Hire Mark J. Giunta as Bankruptcy Counsel
POLYMER EXTRUSION: Seeks to Tap Hall Booth Smith as Special Counsel
PROPULSION ACQUISITION: S&P Upgrades ICR to 'B', Outlook Stable
REVERSE MORTGAGE: U.S. Trustee Opposes Amended Liquidating Plan
SERTA SIMMONS: To Close One of Georgia Plants
SHEFA LLC: City's Motion to Convert Case to Chapter 7 Granted
SOUTHERN HERITAGE: Seeks Cash Collateral Access
STOCKTON GOLF: Seeks Cash Collateral Access
STRUCTURLAM MASS: Files for Chapter 11 With $60M Deal With Mercer
SWS SERVICES: Unsecureds to Split $45K in Subchapter V Plan
T-SHACK INC: Taps Rebeca Garcilazo de Martinez of Exp as Realtor
TCS SOLUTIONS: U.S. Trustee Unable to Appoint Committee
TOMS KING: Seeks to Extend Plan Exclusivity to July 31
VERSCEND HOLDING: S&P Alters Outlook to Stable, Affirms 'B' ICR
VIRGIN ORBIT: U.S. Trustee Appoints Creditors' Committee
VOYAGER DIGITAL: Government's Bid to Stay Confirmation Order OK'd
WICKAPOGUE 1 LLC: Taps Rosewood Realty Group as Broker
WOM SA: S&P Downgrades ICR to 'B' on Persistently Higher Leverage
ZOTEC PARTNERS: S&P Downgrades ICR to 'CCC' on Refinancing Risk
[^] Large Companies with Insolvent Balance Sheet
*********
1501 WEST REALTY: Has Deal on Cash Collateral Access
----------------------------------------------------
1501 West Realty, LLC asks the U.S. Bankruptcy Court for the
Northern District of Indiana, Fort Wayne Division, for authority to
use cash collateral to pay real estate taxes in accordance with its
agreement with Interra Credit Union, and Randall C. Rider and Karen
J. Keller-Rider.
Interra Credit Union asserts a first lien mortgage interest on the
Debtor's real estate located at 1470 Etna Avenue, Huntington,
Indiana, and the rents generated by the Real Estate.
The Riders assert a second mortgage interest on the Real Estate.
The rents generated by the Real Estate constitute cash collateral
on account of the mortgage lien interests asserted as to the Real
Estate.
The Debtor has been assessed real estate taxes on the Real Estate
post-petition in 2022 payable in 2023 to the Huntington County
Treasurer in the amount of $10,941. This amount is payable in two
installments, with the first installment of $5,668 due on or before
May 10, 2023, and the second installment of $5,668 due on or before
November 13, 2023.
The Debtor will pay the 2022 real estate taxes (payable in 2023) on
the Real Estate to the Huntington County Treasurer on or before the
installment due dates thereof from the Debtor's
debtor-in-possession bank account containing rents received from
the Real Estate.
The Debtor asserts that payment of the 2022 real estate taxes
payable in 2023, which is the current post-petition assessment, is
both required and provides adequate protection to any actual
secured creditor of the Debtor holding a lien on the Real Estate.
A copy of the motion is available at https://bit.ly/43X9vFw from
PacerMonitor.com.
About 1501 West Realty, LLC
1501 West Realty, LLC is the fee simple owner of the real property
located at 1470 Etna Avenue, Huntington Indiana, having an
appraised value of $645,000. 1501 West Realty, LLC provides
shipping and receiving services together with engraving services,
storage (RV, campers, boat, and related items), and leasing of real
estate owned by 1501 West Realty, LLC. 1501 West Realty, LLC leases
the real estate to two affiliates: Reber Enterprises, LLC d/b/a
Lime City Manufacturing and Reber Peels, LLC d/b/a Lillsun
Manufacturing.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ind. Case No. 22-10280) on March 23,
2022. In the petition signed by Mandy Reber, manager and member,
the Debtor disclosed $664,329 in assets and $1,532,515 in
liabilities.
Scot T. Skekloff, Esq., at Hallercolvin PC is the Debtor's
counsel.
AMERICAN LAND: Files for Chapter 11 Bankruptcy
----------------------------------------------
American Land Investments Ltd. filed for chapter 11 protection in
the Southern District of Ohio.
American Land Investments, invests in real estate, including the
purchase and sale of residential real estate, rehabbing residential
real estate and renting real property, primarily in Piqua and
Sidney, Ohio. The Debtor's headquarters are located at 10480
Lochard Road, Sidney, Ohio 4565-9212. Duaine Liette is the sole
member of the Debtor.
For the fiscal year ending in 2021 and 2022, American Land's gross
revenue was $78,961.65.
In 2021 Duaine's wife, Angela Liette, filed a divorce complaint
against Duaine in the Shelby County, Ohio Common Pleas Court, Case
No. 21DV94, styled, Angela Liette v. Duaine Liette. In December,
2021, during the pendency of the Divorce Proceeding, the Court
appointed Matthew Sorg as receiver over the Debtor's assets. The
Receiver operated Debtor's business since his appointment.
Events Leading to Filing
Mr. Duaine explains that due to the appointment of the Receiver,
the Debtor incurred additional expenses and the operations of the
business were not as efficient as it was when the Debtor was in
control of its rental properties. The Receiver charged the estate
approximately $3,000 per month which depleted Debtor's assets.
Additionally, with the lack of access to any of its funds, the
Debtor was not able to maintain its properties or to complete
rehabbing its properties to make the properties leasable or
saleable. Additionally, prior to the receiver being appointed,
Angela Liette who was working as a bookkeeper for Debtor and
absconded significant assets from the Debtor, Duaine Liette tells
the Court.
About American Land Investments
American Land Investments, Ltd., sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 23-30539) on
April 7, 2023.
In the petition signed by Duaine Liette, sole member, the Debtor
disclosed up to $1 million in both assets and liabilities. The
petition states that funds will be available to unsecured
creditors.
Paul H. Shaneyfelt, Esq., at Shaneyfelt & Associates, LLC, is the
Debtor's legal counsel.
AMERICAN SCREENING: Files for Chapter 11 Amid Judgment
------------------------------------------------------
American Screening LLC filed for chapter 11 protection in the
Western District of Louisiana.
ASC was founded January 7, 2004, in Shreveport, Louisiana by Ronald
Kilgarlin, Jr., in his parent's 150 square foot sunroom. Kilgarlin
is the sole member and the managing member. ASC's corporate office
is located at 9742 St. Vincent Ave, Ste 100, Shreveport, LA 71106.
ASC is an ISO 13485 Certified distributor of rapid drug and alcohol
tests, infectious disease tests, and cardiac tests, and supplies to
the United States, South America, Asia, Africa, Europe, and
Australia. ASC leases its corporate office and warehouse space from
an affiliated non-debtor, Kilgarlin Holdings, LLC.
The Debtor's bankruptcy case was filed to address the impact upon
the Debtor's business of a final order and judgment for permanent
injunction and monetary relief entered in favor of the Federal
Trade Commission against ASC, Kilgarlin, and Kilgarlin's wife
(Shawn Kilgarlin) relating to product sourcing problems that
plagued ASC during the global COVID-19 pandemic (the "FTC
Judgment").
The FTC Judgment was entered on January 31, 2023, in Case No.
20-cv-01021-RLW, In the United States District Court for the
Eastern District of Missouri, St. Louis Division, in the matter
styled Federal Trade Commission v. American Screening, LLC, Ron
Kilgarlin, Jr., and Shawn Kilgarlin.
ASC, Kilgarlin, and Shawn Kilgarlin have appealed the FTC Judgment
and the underlying rulings. Notwithstanding the appeal and the
filing of the Bankruptcy Case, ASC, Kilgarlin, and Shawn Kilgarlin
are bound by the injunctive relief in the FTC Judgment, and ASC,
Kilgarlin, and Shawn Kilgarlin may not advertise, market, promote,
or offer for sale, or assist others in the advertising, marketing,
promoting, or offering for sale of any Protective Goods and
Services. Protective Goods and Services are defined as "any good or
service designed, intended, or represented to detect, treat,
prevent, mitigate, or cure COVID-19 or any other infection or
disease, including, but not limited to, Personal Protective
Equipment, hand sanitizer, and thermometers."
ASC's other lines of business, including its primary drug testing
and screening business, are not impacted by the FTC Judgment.
ASC intends to continue to operate, to prosecute its appeal and, in
any event, to resolve the economic redress issues in the FTC
Judgment in this Bankruptcy Case. All creditors are anticipated to
be paid through a chapter 11 plan.
A telephonic conference meeting of creditors under 11 U.S.C.
Section 341(a) is slated for May 8, 2023 at 1:30 p.m.
About American Screening
American Screening LLC -- www.americanscreeningcorp.com -- is an
ISO 13485 Certified distributor of rapid drug and alcohol tests,
infectious disease tests, and cardiac tests, and supplies to the
United States, South America, Asia, Africa, Europe, and Australia.
ASC leases its corporate office and warehouse space from an
affiliated nondebtor, Kilgarlin Holdings, LLC.
American Screening sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. La. Case No. 23-10350) on April 7,
2023. In the petition signed by Ronald Kilgarlin, Jr., managing
member, the Debtor disclosed up to $9,100,921 in assets and up to
$27,251,799 in liabilities.
Kell C. Mercer, Esq., at Kell C. Mercer, P.C, is the Debtor's legal
counsel.
AZURE DEVELOPMENT: Unsecureds Will Get 95% of Claims in 36 Months
-----------------------------------------------------------------
Azure Development, Inc., filed with the U.S. Bankruptcy Court for
the District of Puerto Rico a Disclosure Statement describing Plan
of Reorganization dated April 20, 2023.
The Debtor is a privately owned corporation existing under the Laws
of the Commonwealth of Puerto Rico since June 10, 2002. Its offices
are located at Condominio Esquire Calle Vela 2, San Juan, Puerto
Rico. The Debtor's shareholder is Fideicomiso Valdes Acevedo.
The Properties consist of two parcels of land at Mata de Platano
Ward, Luquillo, Puerto Rico. Management maintains that upon the
completion of the permitting process to develop the Properties they
can be sold for not less than $4,500,000.
The ongoing economic downturn and recession faced by Puerto Rico
during the last years has adversely impacted numerous sectors and
entities of Puerto Rico's economy, including Debtor's real estate
development industry. As a result of the adverse effect on the real
estate market, coupled with the delay in obtaining certain permits
for the development of the Properties, Debtor was unable to meet
the payments on its obligations, resulting in the filing by
Oriental Bank of a collection of money and mortgage foreclosure
action against Debtor in case No. SCI2015-00410 with the Court of
First Instance of Puerto Rico, Superior Section of Fajardo,
substituted by Triangle who purchased Debtor’s loan from Oriental
Bank.
In an effort to protect the Properties, obtain a breathing spell
and the benefits of 11 U.S.C. 362 (a), which stays all collection
actions and judicial proceedings, on February 17, 2023, Debtor
filed its Chapter 11 petition.
Class 3 consists of Insiders' General Unsecured Claims. Insiders'
claims due to Debtor's related parties will be subordinated, until
the full payment of all other claims to be paid pursuant to the
Plan. During the 36-month sale period of the Properties indicated
under Class 1, these claims will not receive any dividends.
However, upon the sale of the Properties, if after the payments to
Class 1, 2 and 4 there are remaining funds, these claims will
receive 95% thereof as payment in full. Class 3 is impaired.
Class 4 consists of Non-Insiders' General Unsecured Claims.
Non-insiders’ claims for $20,000 or less, or those that are
voluntarily reduced to $20,000, will be paid 95% thereof in 36
equal monthly installments commencing on the Effective Date to be
advanced to Debtor by Cost Control. Claims in excess of $20,000 in
this Class will not receive any dividends during this 36-month
period. However, upon the sale of the Properties, if after the
payments to Class 1 and 2 there are remaining funds, the claims in
excess of $20,000 will receive 95% thereof, as payment in full
satisfaction thereof. Class 4 is impaired.
Class 5 consists of Interest in Debtor. Fideicomiso Valdes Acevedo
will not receive any distribution under the Plan but will retain
its shares in Debtor unaltered. Class 5 is unimpaired under the
Plan and is not entitled to vote to accept or reject the Plan.
Except as otherwise provided in the Plan, Debtor will effect
payment of Administrative Expense Claims, Priority Tax Claims,
Allowed Secured and Unsecured Claims as indicated above, from the
cash advances to be provided by Cost Control, the funds in Debtor's
in possession account, and those on deposit with the Court of First
Instance of Puerto Rico, Superior Section of Fajardo in Case No.
NSCI 2015cv00410and expected to be received by Cost Control. The
remaining payments to the secured and unsecured claimants will be
made from the proceeds of the sale of the Properties.
A full-text copy of the Disclosure Statement dated April 20, 2023
is available at https://bit.ly/43V5vVZ from PacerMonitor.com at no
charge.
Debtor's Counsel:
Charles A. Cuprill, Esq.
Charles A. Cuprill, P.S.C., Law Offices
356 Fortaleza Street (2nd Floor)
San Juan, PR 00901
Tel: 787-977-0515
Email: ccuprill@cuprill.com
About Azure Development
Azure Development, Inc. owns properties in Luquillo, P.R., valued
at $3.14 million. The company is based in San Juan, P.R.
Azure Development filed a petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. D.P.R. Case No. 23-00462) on Feb. 18,
2023, with $3,142,794 in assets and $3,246,910 in liabilities. Jose
Ricardo Martinez, vice-president of Azure Development, signed the
petition.
Judge Enrique S. Lamoutte Inclan oversees the case.
The Debtor tapped Charles A. Cuprill, P.S.C., Law Offices as
bankruptcy counsel and CPA Luis R. Carrasquillo & Co., P.S.C. as
financial advisor.
BANYAN CAY: Seeks $3.8MM DIP Loan from US Real Estate Credit
------------------------------------------------------------
Banyan Cay Resort & Golf, LLC and its debtor-affiliates ask the
U.S. Bankruptcy Court for the Southern District of Florida, West
Palm Beach Division, for authority to use cash collateral and
obtain postpetition financing.
The Debtor seeks to obtain post-petition financing in the form of a
term loan facility in the aggregate principal amount of up to $3.8
million from U.S. Real Estate Credit Holdings III-A, LP, an Irish
limited partnership, or its lender assigns.
The maturity date of the DIP Facility is the earliest of (a) the
effective date of the plan for the Chapter 11 Cases, dismissal or
conversion of the Chapter 11 Cases or the appointment of a trustee
or examiner with expanded powers for Debtors; (b) 21 days from the
entry of Interim DIP Order approving the DIP Facility if the Court
has not entered the Final DIP Order; or (c) the occurrence an Event
of Default.
The DIP Facility will bear interest on the unpaid principal amount
thereof plus all obligations owing from the date of entry of the
Order to and including the Maturity Date at the rate of 12.5% per
annum, calculated on the basis of a 360-day year for the actual
number of days elapsed. After the Maturity Date or upon the
occurrence of an Event of Default, the Post-Petition Obligations
will bear interest at a rate of 15% per annum, calculated on the
basis of a 360-day year for the actual number of days elapsed.
The Events of Default include:
-- breach of the Budget amounts in excess of permitted
variances per category;
-- customary bankruptcy events of default, including
conversion or dismissal of case, or appointment of
trustee and failure to meet the agreed upon
milestones;
-- reversal or modification or challenge of any of the
DIP Orders by the Debtors without the consent of the
DIP Lender; and
-- other breaches of covenants, subject to customary
grace periods and cure periods if applicable.
The Debtors are required to comply with these sale milestones:
1. On or before April 17, 2023, Debtors will have filed
one or more motions seeking approval of sale and
bidding procedures and scheduling an auction(s),
proposing a sale of substantially all of Debtors'
assets, in a form acceptable to the DIP Lender.
2. On or before April 21, 2023, action to assume or
appropriately ratify the contract between Banyan Cay
Development, LLC, as seller, and Banyan Cay Estates,
LLC, as purchaser, for the purchase sale of 24 lots
within the development owned and operated by the
Debtors;
3. If Debtors have timely filed a Bidding Procedures
Motion, then:
a. On or before April 21, 2023, the Bankruptcy Court
will have entered an order granting the Bidding
Procedures Motion, in form reasonably acceptable
to the DIP Lender.
b. On or before June 8, 2023, the Bid Deadline will
have occurred.
c. On or before June 13, 2023, Debtors will have
commenced the Auction, if necessary.
d. On or before June 14, 2023, or as soon as possible
thereafter subject to Bankruptcy Court availability,
a hearing will have occurred in the Bankruptcy Court
to consider approval of the sale contemplated by the
Bidding Procedures Order.
e. On or before June I 5, 2023, or as soon as possible
thereafter subject to Bankruptcy Court availability,
the Bankruptcy Court will have entered the Sale Order.
f. On or before July 14, 2023, the sale transaction
approved in the Sale Order will be consummated and
closed.
U.S. Real Estate Credit Holdings III-A, LP, an Irish limited
partnership, is the sole entity with a lien interest in cash
collateral. In accordance with the Prepetition Loan Documents, the
Foreclosure Judgment, and the DIP Credit Term Sheet, the
Prepetition Secured Lender has agreed the Debtors are indebted to
it in an amount equal to $96.5 million, plus certain interest and
fees, all as set forth with more particularity herein and in the
DIP Credit Term Sheet.
In addition to the Prepetition Secured Lender, Bellefrau Group, LLC
holds a mortgage on certain parcels of real property presently
owned by the Debtor Banyan Cay Maintenance, LLC, and ZJC, LLC holds
a mortgage on a separate parcel owned by Debtor Banyan Cay
Maintenance, LLC. Moreover, several of the Debtors' properties are
encumbered by construction, materialmen's, and similar liens held
by various worker parties.
The Debtors require the use of cash collateral for emergency
capital purposes, including but not limited to, operating the
Debtors' business, including to pay wages, purchase supplies, and
pay outside vendors.
As adequate protection for the use of cash collateral, the DIP
Lender will be granted replacement liens on the Prepetition
Collateral and DIP Collateral of the Debtors to the extent there is
any diminution in the value of such Prepetition Secured Party's
interests in the Prepetition Collateral or Cash Collateral during
the pendency of the Cases.
A copy of the Debtors' motion and budget is available at
https://bit.ly/3KMR8Kr from PacerMonitor.com.
The Debtors project total expenses, on a weekly basis, as follows:
$481,900 for the week ending April 24, 2023;
$682,490 for the week ending May 1, 2023;
$182,170 for the week ending May 8, 2023;
$96,550 for the week ending May 15, 2023;
$96,800 for the week ending May 22, 2023;
$671,800 for the week ending May 29, 2023;
About Banyan Cay Resort & Golf, LLC
Banyan Cay Resort & Golf, LLC and affiliates operate resorts and
golf clubs. The Debtor sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-12386) on March
29, 2023. In the petition signed by Gerard A. McHale, McHale, P.A.,
proposed chief restructuring officer, the Debtor disclosed up to
$500 million in both assets and liabilities.
Judge Mindy A. Mora oversees the case.
Gerard McHale of McHale, PA serves as CRO and CEO of the Debtors.
Joseph A. Pack, Esq., at Pack Law, represents the Debtor as legal
counsel. Keen-Summit Capital Partners LLC serves as marketing agent
and broker for the Debtors.
BED BATH & BEYOND: Case Summary & 30 Largest Unsecured Creditors
----------------------------------------------------------------
Lead Debtor: Bed Bath & Beyond Inc.
650 Liberty Avenue
Union, New Jersey 07083
Business Description: An omni-channel retailer offering a wide
assortment or merchandise in the home, baby,
beauty and wellness markets and operates
under the names Bed Bath & Beyond, buybuy
BABY and Harmon, Harmon Face Values or Face
Values.
Chapter 11 Petition Date: April 23, 2023
Court: United States Bankruptcy Court
District of New Jersey
Seventy-four affiliates that concurrently filed voluntary petitions
for relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Bed Bath & Beyond Inc. (Lead Case) 23-13359
Alamo Bed Bath & Beyond Inc. 23-13360
BBB Canada LP Inc. 23-13361
BBB Value Services Inc. 23-13362
BBBY Management Corporation 23-13363
BBBYCF LLC 23-13364
BBBYTF LLC 23-13365
Bed Bath & Beyond of Annapolis, Inc. 23-13366
Bed Bath & Beyond of Arundel Inc. 23-13367
Bed Bath & Beyond of Baton Rouge Inc. 23-13368
Bed Bath & Beyond of Birmingham Inc. 23-13369
Bed Bath & Beyond of Bridgewater Inc. 23-13370
Bed Bath & Beyond of California
Limited Liability Company 23-13371
Bed Bath & Beyond of Davenport Inc. 23-13372
Bed Bath & Beyond of East Hanover Inc. 23-13373
Bed Bath & Beyond of Edgewater Inc. 23-13374
Bed Bath & Beyond of Falls Church, Inc. 23-13375
Bed Bath & Beyond of Fashion Center, Inc. 23-13376
Bed Bath & Beyond of Frederick, Inc. 23-13377
Bed Bath & Beyond of Gaithersburg Inc. 23-13378
Bed Bath & Beyond of Gallery Place L.L.C. 23-13379
Bed Bath & Beyond of Knoxville Inc. 23-13380
Bed Bath & Beyond of Lexington Inc. 23-13381
Bed Bath & Beyond of Lincoln Park Inc. 23-13382
Bed Bath & Beyond of Louisville Inc. 23-13383
Bed Bath & Beyond of Mandeville Inc. 23-13384
Bed Bath & Beyond of Opry Inc. 23-13385
Bed Bath & Beyond of Overland Park Inc. 23-13386
Bed Bath & Beyond of Palm Desert Inc. 23-13387
Bed Bath & Beyond of Paradise Valley Inc. 23-13388
Bed Bath & Beyond of Pittsford Inc. 23-13389
Bed Bath & Beyond of Portland Inc. 23-13390
Bed Bath & Beyond of Rockford Inc. 23-13391
Bed Bath & Beyond of Towson Inc. 23-13392
Bed Bath & Beyond of Virginia Beach Inc. 23-13393
Bed Bath & Beyond of Waldorf Inc. 23-13394
Bed Bath & Beyond of Woodbridge Inc. 23-13395
bed 'n bath Stores Inc. 23-13396
Bed Bath & Beyond of Manhattan, Inc. 23-13397
Buy Buy Baby of Rockville, Inc. 23-13398
Buy Buy Baby of Totowa, Inc. 23-13399
Buy Buy Baby, Inc. 23-13400
BWAO LLC 23-13401
Chef C Holdings LLC 23-13402
Decorist, LLC 23-13403
Deerbrook Bed Bath & Beyond Inc. 23-13404
Harmon of Brentwood, Inc. 23-13405
Harmon of Caldwell, Inc. 23-13406
Harmon of Carlstadt, Inc. 23-13407
Harmon of Franklin, Inc. 23-13408
Harmon of Greenbrook II, Inc. 23-13409
Harmon of Hackensack, Inc. 23-13410
Harmon of Hanover, Inc. 23-13411
Harmon of Hartsdale, Inc. 23-13412
Harmon of Manalapan, Inc. 23-13413
Harmon of Massapequa, Inc. 23-13414
Harmon of Melville, Inc. 23-13415
Harmon of New Rochelle, Inc. 23-13416
Harmon of Newton, Inc. 23-13417
Harmon of Old Bridge, Inc. 23-13418
Harmon of Plainview, Inc. 23-13419
Harmon of Raritan, Inc. 23-13420
Harmon of Rockaway, Inc. 23-13421
Harmon of Shrewsbury, Inc. 23-13422
Harmon of Totowa, Inc. 23-13423
Harmon of Wayne, Inc. 23-13424
Harmon of Westfield, Inc. 23-13425
Harmon of Yonkers, Inc. 23-13426
Harmon Stores, Inc. 23-13427
Liberty Procurement Co. Inc. 23-13428
Of a Kind, Inc. 23-13429
One Kings Lane LLC 23-13430
San Antonio bed Bath & Beyond Inc. 23-13431
Springfield Buy Buy Baby, Inc. 23-13432
Judge: Hon. Vincent F. Papalia
Debtors'
Bankruptcy
Counsel: Joshua A. Sussberg, P.C.
Emily E. Geier, P.C.
Derek I. Hunter, Esq.
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
601 Lexington Avenue
New York, New York 10022
Tel: (212) 446-4800
Fax: (212) 446-4900
Email: joshua.sussberg@kirkland.com
emily.geier@kirkland.com
derek.hunter@kirkland.com
Debtors'
Local
Bankruptcy
Counsel: Michael D. Sirota, Esq.
Warren A. Usatine, Esq.
Felice R. Yudkin, Esq.
COLE SCHOTZ P.C.
Court Plaza North, 25 Main Street
Hackensack, New Jersey 07601
Tel: (201) 489-3000
Email: msirota@coleschotz.com
wusatine@coleschotz.com
fyudkin@coleschotz.com
Debtors'
Investment
Banker: LAZARD
Debtors'
Restructuring
Advisor: ALIXPARTNERS LLP
Debtors'
Tax Advisor: DELOITTE
Debtors'
Claims &
Noticing
Agent: KROLL RESTRUCTURING ADMINISTRATION
Total Assets as of Aug. 27, 2022: $4,401,426,000
Total Debts as of Aug. 27, 2022: $5,200,069,000
The petitions were signed by Holly Etlin as chief restructuring
officer and chief financial officer.
A full-text copy of the Lead Debtor's petition is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/AQHXJBI/Bed_Bath__Beyond_Inc__njbke-23-13359__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. BNY Mellon Unsecured Bonds $1,184,694,000
500 Ross St 12th Floor
Pittsburgh, PA 15262
Clayton Colquitt
Tel: (412) 236-5807
Email: clayton.colquitt@bnymellon.com
2. PersonalizationMall Trade Payable $11,095,721
51 Shore Dr
Burr Ridge, IL 60527
Robert Turner
Tel: (630) 910-6000
Email: robertt@pmall.com
3. Intersoft Data Labs Inc. Trade Payable $6,836,763
1330 W Fulton Market
Chicago, IL 60607
Ralph Liuzzo
Tel: (410) 461-4723
Email: ralph.liuzzo@intsof.com
4. Federal Heath Sign Trade Payable $6,770,268
Company LLC
P.O. Box 678203
Tampa, FL 33626
Susan Aldridge
Tel: (800) 342-2597
Email: saldridge@federalheath.com
5. KDM Popsolutions Group Trade Payable $6,641,012
10450 Medallion
Cincinnati, OH 45241
Bill Zimmerman
Tel: (513) 769-3500
Email: b.zimmerman@kdmpop.com
6. Commission Junction Inc. Trade Payable $6,162,076
530 E. Montecito Street
#106
Santa Barbara, CA 93103
Sophie Ramos
Tel: (805) 971-3037
Email: cjar@cj.com
7. IDX Trade Payable $4,920,884
101 River Ridge
Jeffersonville, IN 47130
Robert Giovino
Tel: (800) 939-4170
Email: robert.giovino@idxcorporation.com
8. National Tree Company Trade Payable $4,527,134
2 Commerce Drive
Cranford, NJ 070156
Donna Cyril
Tel: (800) 280-8733
Email: donna@nationaltree.com
9. North American Corporation Trade Payable $4,384,027
2101 Claire Court
Glenview, IL 60025
Kristie Schnier
Tel: (847) 832-4000
Email: kschnier@na.com
10. Keeco LLC Trade Payable $4,231,687
30736 Wiegman Road
Hayward, CA 94544
Andrea Grassi
Tel: (212) 685-9077
Email: andreag@grassiassociatesinc.com
11. FedEx Trade Payable $3,884,415
P.O. Box 371461
Pittsburgh, PA 15250
Gregory Di Sessa
Tel: (201) 787-0091
Email: gjdisessa@fedex.com
12. Tempur-Pedic Trade Payable $3,733,616
2 Commerce Drive
Cranford, NJ 07016
Cindy Treager
Tel: (859) 455-2483
Email: cindy.treager@tempursealy.com
13. Facebook, Inc. Trade Payable $3,428,867
15161 Collections Center Drive
Chicago, IL 606963
Marvin Robles
Tel: (512) 543-2942
Email: idoan@facebook.com
14. Artsana USA Inc. Trade Payable $3,323,738
1826 William Penn Way
Lancaster, PA 17601
Steve Rubin
Tel: (877) 424-4226
Email: steve.rubin@artsana.com
15. Lifetime Brands Inc. Trade Payable $3,279,438
150 East 58th Street
New York, NY 10155
Carol Marks
Tel: (609) 241-7321
Email: carol.marks@lifetimebrands.com
16. Kepler Group LLC Trade Payable $3,260,123
PO Box 419271
Boston, MA 02241
Hannah Grobmyer
Tel: (646) 524-6896
Email: hgrobmyer@keplergrp.com
17. William Carter Co. Trade Payable $3,143,426
3438 Peachtree Road NE
Atlanta, GA 30326
Vannescia Watkins-Banks
Tel: (646) 677-0866
Email: vannescia.watkins-banks@carters.com
18. Testrite Products Corp. Trade Payable $3,051,808
1900 S Burgundy Place
Ontario, CA 91761
Claudia Vega
Tel: (909) 605-9899
Email: claudia.v@testrite-usa.com
19. Verizon Business Network Trade Payable $2,962,792
One Verizon Way
Basking Ridge, NJ 07920
Norma MCewan
Tel: (866) 925-0077
Email: norma.mcewan@verizon.com
20. Pinterest, Inc. Trade Payable $2,839,480
651 Brannan St
San Francisco, CA 94107
Cole Reutter
Tel: (415) 62-7100
Email: ar@pinterest.com
21. BridgeTree LLC Trade Payable $2,658,031
133 North Main Street
Mooresville, NC 28115
Michele Bove
Tel: (704) 604-8708
Email: mbove@bridgetree.com
22. Citrus Ad International Inc. Trade Payable $2,639,065
P.O. Box 7410138
Chicago, IL 60674
Stephanie Richmond
Tel: (813) 451-4794
Email: stephanie.richmond@citrusad.com
23. Keurig Green Mountain Inc. Trade Payable $2,637,919
PO Box 414159
Boston, MA 02241
Andrew Arschambault
Tel: (781) 460-4507
Email: archambault@keurig.com
24. The Knot Worldwide Inc. Trade Payable $2,628,538
PO Box 32177
New York, NY 10087
Ashley Bergen
Tel: (877) 331-7752
Email: abergen@theknotww.com
25. Sharkninja Sales Company Trade Payable $2,622,349
89 A Street
Needham, MA 02494
Carol Weinberg
Tel: (855) 427-5127
Email: cweinberg@sharkninja.com
26. Lenox Corporation Trade Payable $2,578,451
1414 Radcliffe Street
Bristol, PA 19007
Cynthia Lafferty
Tel: (732) 642-7332
Email: cynthia.lafferty@lenox.com
27. Blue Yonder Inc. Trade Payable $2,483,355
15059 N Scottsdale Rd
scottsdale, AZ 85254
Deborah Coley
Tel: (480) 308-3000
Email: deborah.coley@blueyonder.com
28. F 3 Metalworx Inc. Trade Payable $2,480,004
12069 East Main Road
North East, PA 16428
Lorena Untalan
Tel: (716) 439-8771
Email: luntalan@f3metalworx.com
29. Madix Inc. Trade Payable $2,453,870
500 Airport Rd
Terrell, TX 75160
Scott Scherbak
Tel: (800) 527-2129
Email: sscherba@madixinc.com
30. Granite Trade Payable $2,413,661
Telecommunications LLC
P.O. Box 983119
Boston, MA 02298
Lisa Burton
Tel: (866) 847-5500
Email: lmarieburton@granitenet.com
BED BATH & BEYOND: Says Canadian Liquidation Set to Be Completed
----------------------------------------------------------------
Bed Bath & Beyond Inc. said in U.S. Bankruptcy Court filings that
the liquidation of its Canadian operations will be completed by
April 30, 2023.
On Feb. 10, 2023, BBB Canada Ltd. -- BBBC Ltd. -- and Bed Bath &
Beyond Canada L.P. -- BBBC LP -- received creditor protection in
Canada by way of an Initial Order granted by the Ontario Superior
Court of Justice (Commercial List) pursuant to the Companies'
Creditors Arrangement Act (Canada) R.S.C., 1985, c. C-36.
BBBC LP is a borrower under the Prepetition Credit Agreement and
BBBC Ltd. guaranteed applicable obligations thereunder.
BBB Canada is winding down its business in Canada and liquidating
its assets pursuant to an Order granted by the Canadian Court on
February 21, 2022.
In light of the commencement of the Canadian Proceedings, the
Debtors are also seeking approval from the U.S. Bankruptcy Court of
a customary cross-border insolvency protocol in an effort to ensure
effective and efficient coordination and administration of the
chapter 11 proceedings and the Canadian Proceedings.
As of the Petition Date, BBB Canada has nearly completed the
liquidation of all of its inventory and other assets. It is
anticipated that the liquidation will be completed by April 30,
2023, and the only assets that BBB Canada will hold are cash in the
amount of approximately $5.5 million.
About Bed Bath & Beyond
Bed Bath & Beyond Inc., together with its subsidiaries, is an
omnichannel retailer selling a wide assortment of merchandise in
the Home, Baby, Beauty & Wellness markets and operates under the
names Bed Bath & Beyond, buybuy BABY, and Harmon, Harmon Face
Values. The Company also operates Decorist, an online interior
design platform that provides personalized home design services.
At its peak, Bed Bath & Beyond operated the largest home furnishing
retailer in the United States with over 970 stores across all 50
states, consistently at the forefront of major home and bath
trends. Operating stores spanning the United States, Canada,
Mexico, and Puerto Rico, Bed Bath & Beyond offers everything from
bed linens to cookware to electric appliances, home organization,
baby care, and more.
Bed Bath & Beyond closed over 430 locations across the United
States and Canada before filing chapter 11 cases, implementing full
scale winddowns of their Canadian business and the Harmon branded
stores.
Left with 360 Bed Bath & Beyond and 120 buybuy BABY stores, Bed
Bath & Beyond Inc. and 73 affiliated debtors on April 23, 2023,
each filed a voluntary petition for relief under Chapter 11 of the
United States Bankruptcy Code to pursue a wind down of operations.
The cases are pending before the Honorable Vincent F. Papalia and
have requested joint administration of the cases under Bankr.
D.N.J. Lead Case No. 23-13359.
Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal
counsel, Lazard Frères & Co. LLC is serving as investment banker,
and AlixPartners LLP is serving as financial advisor. Bed Bath &
Beyond Inc. has retained Hilco Merchant Resources LLC to assist
with inventory sales. Kroll LLC is the claims agent.
BED BATH & BEYOND: To Close and Wind Down 473 Remaining Stores
--------------------------------------------------------------
Unless a last-minute buyer for some or all of its business emerges,
Bed Bath & Beyond is slated to close and liquidate all of its 473
Bed Bath & Beyond and buybuy BABY stores while it undergoes Chapter
11 bankruptcy proceedings.
At its peak, Bed Bath & Beyond operated the largest home furnishing
retailer in the United States with over 970 stores across all 50
states, consistently at the forefront of major home and bath
trends. Operating stores spanning the United States, Canada,
Mexico, and Puerto Rico, Bed Bath & Beyond offers everything from
bed linens to cookware to electric appliances, home organization,
baby care, and more.
Holly Etlin, a managing director at AlixPartners LLP who has been
designated as CRO and CFO of the Debtors, explains in court filings
that the past 12 months have undoubtedly been the most difficult
and turbulent in Bed Bath & Beyond's storied history. From "meme
stock" mania to credit agreement defaults and back again, the
Company explored all potentially value-maximizing alternatives in
an effort to turn around its business and stave off chapter 11. All
of this has come on the heels of the retail apocalypse and global
pandemic that has permanently changed consumer behavior as the
world knows it.
In response to both macroeconomic factors and more specific
business challenges for Bed Bath & Beyond, current leadership
formulated and attempted to implement a turnaround plan that was
designed to refocus the business on its founding principles and
restore consumer confidence in this iconic retail giant.
Defying all expectations over the past four months, Bed Bath &
Beyond secured credit agreement waivers and amendments and was able
to access the equity markets in February and March in a last-ditch
effort to avoid bankruptcy. But, in-store sales continued to
decline -- with fourth quarter sales falling by almost $1 billion
year over year -- and strained vendor credit relationships which
led to a lack of inventory. Notwithstanding painstaking, creative,
and exhaustive efforts to right the ship along the way, Bed Bath &
Beyond is simply unable to service its funded debt obligations
while simultaneously supplying sufficient inventory to its store
locations. All of which necessitates the filing of the chapter 11
cases.
Bed Bath & Beyond closed over 430 locations across the United
States and Canada before filing the chapter 11 cases, implementing
full scale winddowns of their Canadian business and the Harmon
branded stores.
While the commencement of a full chain wind-down is necessitated by
economic realities, Bed Bath & Beyond has and will continue to
market their businesses as a going-concern, including the buybuy
Baby business. Bed Bath & Beyond has pulled off long shot
transactions several times in the last six months, so nobody should
think Bed Bath & Beyond will not be able to do so again. To the
contrary, Bed Bath & Beyond and its professionals will make every
effort to salvage all or a portion of operations for the benefit of
all stakeholders.
To facilitate this process, Bed Bath & Beyond secured $40 million
in new money debtor-in-possession financing. Moreover, Bed Bath &
Beyond has filed a motion to establish procedures to govern an
efficient, public, and flexible auction process to realize the full
value of existing assets. Bed Bath & Beyond has likewise proposed
procedures to govern a wind-down process for all of its assets,
including of the liquidation of inventory in all retail stores and
distribution centers. Bed Bath & Beyond believes the framework and
roadmap of these combined procedures will best maximize value for
all stakeholders.
In the past 12 months, the Debtors have reduced their store
footprint by approximately 482 stores, leaving the Debtors with 473
stores as of the Petition Date. Ultimately, the Debtors'
management team and advisors determined that it is appropriate to
close and wind down any remaining brick-and-mortar stores that are
not sold to a buyer pursuant to the Debtors' bidding procedures.
Wind Down of All Stores
The Debtors' management team and advisors determined that it is
appropriate to close and wind down all remaining brick-and-mortar
stores. The Debtors expect all Sales at the Closing Stores to be
completed and the properties vacated by June 30, 2023. The Debtors
estimate that the aggregate net sales proceeds from all Sales will
be approximately $718 million.
As part of the Company's efforts to wind-down its business, the
Debtors expect to incur costs associated with issuing notices under
the federal Worker Adjustment and Retraining Notification Act and
state law equivalents. The Debtors have negotiated with their DIP
lenders to make funds available sufficient to pay the expected
costs associated with providing notice or paying amounts related to
the WARN Liabilities. In particular, the DIP Order contemplates a
WARN Reserve that sets aside certain amounts solely to pay amounts
related to the WARN Liabilities.
The Debtors expect all sales at the closing stores to be completed
in accordance with the milestones set forth in the DIP financing.
The Company appointed Etlin to serve as Interim Chief Financial
Officer since February 2, 2023. On and effective as of April 22,
2023, the Company appointed Etlin as CFO to serve in accordance
with the bylaws of the Company until her successor is duly elected
and qualified or, if earlier, until her successor has been duly
elected or until her death, resignation or removal.
Also effective on April 22, the Company appointed Etlin to serve as
CRO of the Company for such a term and in accordance with the terms
and conditions of the engagement letter, dated as of April 21, 2023
by and among and the Company and AP Services, LLC. Etlin's
authority as CRO includes, in coordination with the Company's
advisors and management, (a) overseeing the Chapter 11 Cases and
court-supervised liquidation and sale process, (b) overseeing cash
management and liquidity forecasting, (c) the development of, or
revisions to, the Company's business plan, and (d) engagement with
creditors and other stakeholders. Etlin will serve at the direction
of an ad hoc committee of the Board of Directors of the Company and
its subsidiaries comprised of Carol Flaton, Pamela Corrie, Jonathan
Foster, and Joshua Schechter, in accordance with the terms and
conditions of the AP Engagement Letter.
Events of Default
The filing of the Chapter 11 Cases constitutes an event of default
that accelerated the Company's obligations under (i) the
Amended and Restated Credit Agreement, dated as of August 9, 2021;
and (ii) the Indenture, dated as of July 17, 2014, as amended by
the First Supplemented Indenture, dated as of July 17, 2014,
relating to the 3.749% senior unsecured notes due 2024, the 4.915%
senior unsecured notes due 2034, and the 5.165% senior unsecured
notes due 2044, between the Company and The Bank of New York
Mellon, as trustee.
As of the Petition Date, the Company had an aggregate of (i)
$1,029,900,000 in aggregate principal amount of the Notes, (ii)
$80,284,905 outstanding under the Existing Credit Agreement, (iii)
$102,632,790 in outstanding letters of credit and (iv) $547.1 in
principal of the Prepetition Term Loan Agreement.
Pursuant to Section 362 of the Bankruptcy Code, the filing of the
Chapter 11 Cases automatically stayed most actions against the
applicable debtor, including actions to collect indebtedness
incurred prior to the Petition Date or to exercise control over the
applicable debtor's property. Subject to certain exceptions under
the Bankruptcy Code, the filing of the Chapter 11 Cases also
automatically stayed the continuation of most legal proceedings or
the filing of other actions against or on behalf of the applicable
debtor or its property to recover on, collect or secure a claim
arising prior to the Petition Date or to exercise control over
property of the applicable debtor's bankruptcy estates, unless and
until the Bankruptcy Court modifies or lifts the automatic stay as
to any such claim. Notwithstanding the general application of the
automatic stay, governmental authorities may determine to continue
actions brought under their police and regulatory powers.
The filing of the Chapter 11 Cases constitutes a Bankruptcy
Triggering Event, as defined in the Certificate of Amendment of the
Certificate of Incorporation of the Company, dated as of February
6, 2023, of the preferred stock, as a result of which mandatory
cash redemption provisions contained in the Certificate of
Amendment are triggered. In addition, the filing of the Chapter 11
Cases triggers a holder's ability to convert the preferred stock at
the Alternate Conversion Price, which could result in a conversion
price of lesser than $0.7160.
Delisting
The Company said it expects to receive a notice from The Nasdaq
Stock Market that the Common Stock is no longer suitable for
listing pursuant to Nasdaq Listing Rule 5110(b) as a result of the
Chapter 11 Cases. If the Company receives that notice, the Company
does not intend to appeal Nasdaq's determination and, therefore, it
is expected that its Common Stock will be delisted. The delisting
of the Common Stock would not affect the Company's operations or
business and does not presently change its reporting requirements
under the rules of the Securities and Exchange Commission.
About Bed Bath & Beyond
Bed Bath & Beyond Inc., together with its subsidiaries, is an
omnichannel retailer selling a wide assortment of merchandise in
the Home, Baby, Beauty & Wellness markets and operates under the
names Bed Bath & Beyond, buybuy BABY, and Harmon, Harmon Face
Values. The Company also operates Decorist, an online interior
design platform that provides personalized home design services.
At its peak, Bed Bath & Beyond operated the largest home furnishing
retailer in the United States with over 970 stores across all 50
states, consistently at the forefront of major home and bath
trends. Operating stores spanning the United States, Canada,
Mexico, and Puerto Rico, Bed Bath & Beyond offers everything from
bed linens to cookware to electric appliances, home organization,
baby care, and more.
Bed Bath & Beyond closed over 430 locations across the United
States and Canada before filing chapter 11 cases, implementing full
scale winddowns of their Canadian business and the Harmon branded
stores.
Left with 360 Bed Bath & Beyond and 120 buybuy BABY stores, Bed
Bath & Beyond Inc. and 73 affiliated debtors on April 23, 2023,
each filed a voluntary petition for relief under Chapter 11 of the
United States Bankruptcy Code to pursue a wind down of operations.
The cases are pending before the Honorable Vincent F. Papalia and
have requested joint administration of the cases under Bankr.
D.N.J. Lead Case No. 23-13359.
Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal
counsel, Lazard Frères & Co. LLC is serving as investment banker,
and AlixPartners LLP is serving as financial advisor. Bed Bath &
Beyond Inc. has retained Hilco Merchant Resources LLC to assist
with inventory sales. Kroll LLC is the claims agent.
BEP ULTERRA: S&P Affirms 'B-' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on BEP
Ulterra Holdings Inc. (Ulterra) and its 'B-' issue-level rating on
its senior secured debt. The recovery rating on this debt remains
'3', reflecting its expectations for meaningful (50%-70%; rounded
estimate: 55%) recovery in the event of payment default.
S&P said, "The stable outlook reflects our expectation that
Ulterra's operating results will continue to benefit from
supportive oilfield services demand, which will result in positive
free cash flow and stable leverage. We forecast funds from
operations (FFO) to debt of about 30% over the next two years with
approximately 2.25x-2.5x debt to EBITDA.
"Rig counts remain a key driver of drill bit demand for the
company. Ulterra generated 75% of 2022 revenue in the U.S., 10%
from Canada, and 15% from its international segment. With U.S. rig
counts approaching pre-COVID-19 levels and 37% revenue growth in
2022, we expect the increase in industry activity to be supportive
of 10% topline growth for the company led by increased
international activity driven by its Saudi Arabia facility
expansion. We anticipate EBITDA margins will remain stable at about
40%, similar to 2022, on easing labor constraints while pricing
power offsets modest materials inflation. We expect FFO to debt of
about 30% over the next two years and approximately 2.25x-2.5x debt
to EBITDA.
"We expect modest positive free cash in 2023 and 2024 assuming
similar levels of capital spending as 2022, which included spending
related to its Saudi Arabia facility expansion. We expect the
company to use cash flow for scheduled debt amortization and excess
cash to repay a portion of its $400 million term loan due 2025.
Although our base case does not include shareholder returns or
acquisitions, we believe the company would execute any potential
acquisition in a leverage-neutral manner.
"The stable outlook reflects our expectation that Ulterra's
operating results will continue to benefit from supportive oilfield
services demand, which will result in positive free cash flow and
stable leverage. We forecast funds from operations (FFO) to debt of
about 30% over the next two years with approximately 2.25x-2.5x
debt to EBITDA.
"We could lower the rating if we consider the company's capital
structure to be unsustainable, or if liquidity significantly
deteriorates. This would most likely occur if crude oil and natural
gas prices weaken causing demand for drill bits to decline
substantially, or if the company pursued an aggressive acquisition
strategy or a shareholder return policy that resulted in higher
leverage.
"We could raise the rating if the company maintains FFO to debt
well above 30% while consistently generating material positive free
cash flow, or if it materially increased scale to levels more
consistent with higher-rated peers."
ESG credit indicators: E-4, S-2, G-3
S&P said, "Environmental factors are a negative consideration in
our credit rating analysis of Ulterra due to our expectation that
the energy transition will result in lower demand for services and
equipment such as drill bits as accelerating adoption of renewable
energy sources lowers demand for fossil fuels. Additionally, the
industry faces an increasingly challenging regulatory environment,
both domestically and internationally, that could further affect
Ulterra's operations. Governance is a moderately negative
consideration, as is the case for most rated entities owned by
private-equity sponsors. We believe the company's highly leveraged
financial risk profile points to corporate decision-making that
prioritizes the interests of the controlling owners. This also
reflects the generally finite holding periods and a focus on
maximizing shareholder returns."
BEVERLY COMMUNITY HOSPITAL: S&P Lowers LT Debt Rating to 'CC'
-------------------------------------------------------------
S&P Global Ratings lowered its long-term ratings to 'CC' from
'CCC-' on the California Statewide Communities Development
Authority's series 2015 and 2017 revenue bonds, issued for the
Beverly Community Hospital Assn., and placed them on CreditWatch
with negative implications.
"The lowered ratings and CreditWatch placement reflect the April
19, 2023, announcement from Beverly that it has filed for Chapter
11 bankruptcy," said S&P Global Ratings credit analyst Chloe
Pickett.
BORREGO COMMUNITY: Seeks to Tap Skadden as Board's Special Counsel
------------------------------------------------------------------
Borrego Community Health Foundation seeks approval from the U.S.
Bankruptcy Court for the Southern District of California to employ
Skadden, Arps, Slate, Meagher & Flom LLP as special corporate
counsel to its board of trustees.
The firm will render these services:
(a) advise the board on corporate governance and director duty
matters arising in connection with any sales of assets contemplated
by the Debtor;
(b) advise the board in connection with the Debtor's
disclosure obligations;
(c) advise the board with respect to general corporate legal
issues arising in the Debtor's ordinary course of business as they
pertain to the directors;
(d) attend meetings with respect to the above matters;
(e) appear before this court, any district or appellate
courts, and the U.S. Trustee with respect to the matters referred
to above; and
(f) perform all other necessary legal services and provide all
other necessary legal advice to the board in connection with the
matters referred to above.
The hourly rates of the firm's counsel and staff are as follows:
Van C. Durrer II $1,785
Destiny N. Almogue $1,170
Legal Assistants $275 - $495
In addition, the firm will seek reimbursement for expenses
incurred.
Van Durrer II, Esq., a corporate restructuring partner at Skadden,
Arps, Slate, Meagher & Flom, disclosed in a court filing that the
firm is a "disinterested person" as that term is defined in Section
101(14) of the Bankruptcy Code.
The firm can be reached through:
Van C. Durrer II, Esq.
Destiny N. Almogue, Esq.
Skadden, Arps, Slate, Meagher & Flom LLP
300 S. Grand Avenue, Suite 3400
Los Angeles, CA 90071
Telephone: (213) 687-5000
Facsimile: (213) 687-5600
Email: Van.Durrer@Skadden.com
Destiny.Almogue@Skadden.com
About Borrego Community Health Foundation
Borrego Community Health Foundation offers, among other services,
comprehensive primary care, pediatric care, urgent care, behavioral
health services, dental services, specialty care, transgender
health, women's health, prenatal care, veteran's health, and
chiropractic services. Borrego Community is a non-profit public
charity, tax-exempt under section 501(c)(3) of the Internal Revenue
Code. The Foundation, as of Sept. 12, 2022, had 24 brick-and-mortar
sites including administrative sites, two pharmacies and six mobile
units covering a service area consisting of a 250-mile corridor on
the eastern side of San Diego and Riverside Counties, Calif.
Borrego Community Health Foundation sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 22-02384)
on Sept. 12, 2022, with between $50 million and $100 million in
both assets and liabilities. Isaac Lee, chief restructuring
officer, signed the petition.
Judge Laura S. Taylor oversees the case.
The Debtor tapped Tania M. Moyron, Esq., at Dentons US, LLP as
bankruptcy counsel and Hooper Lundy & Bookman, P.C. as special
counsel. Kurtzman Carson Consultants, LLC is the Debtor's claims
and noticing agent.
Jacob Nathan Rubin, the patient care ombudsman appointed in the
Debtor's case, tapped Levene Neale Bender Yoo & Golubchik, LLP as
bankruptcy counsel and Dr. Tim Stacy DNP, ACNP-BC as consultant.
On Sept. 26, 2022, the U.S. Trustee appointed an official unsecured
creditors' committee in this Chapter 11 case. Pachulski Stang Ziehl
& Jones, LLP serves as the committee's counsel.
Skadden, Arps, Slate, Meagher & Flom LLP is tapped as special
corporate counsel to the Debtor's board of trustees.
BOSTON BIOPHARM: Seeks to Hire Marshack Hays as Legal Counsel
-------------------------------------------------------------
Boston Biopharm, Inc. seeks approval from the U.S. Bankruptcy Court
for the Northern District of Texas to employ Marshack Hays, LLP as
its legal counsel.
The firm's services include:
(a) advising the Debtor of its rights, powers and duties in the
continued operation and management of its business and assets;
(b) advising the Debtor concerning, and assisting in the
negotiation and documentation of, agreements, debt restructurings
and related transactions;
(c) reviewing the nature and validity of liens asserted against
the property of the Debtor and advising the Debtor concerning the
enforceability of such liens;
(d) advising the Debtor concerning the actions that it might
take to collect and to recover property for the benefit of its
estate;
(e) preparing legal documents and reviewing all financial
reports to be filed in the Debtor's Chapter 11 case;
(f) advising the Debtor concerning, and preparing responses to,
legal papers that may be filed and served in its Chapter 11 case;
(g) counseling the Debtor in connection with the formulation,
negotiation and promulgation of a plan of reorganization and
related documents; and
(h) other necessary legal services.
The firm will charge these hourly fees:
Partners Rates
-------- -----
Richard A. Marshack $690
D. Edward Hays $690
Chad V. Haes $550
David A. Wood $550
Laila Masud $460
Of Counsel Rates
---------- -----
Kristine A. Thagard $590
Matthew W. Grimshaw $590
Associates Rates
---------- -----
Tinho Mang $430
Bradhord N. Barnhardt $360
Sarah R. Hasselberger $340
Paralegals Rates
---------- -----
Pamela Kraus $290
Chanel Mendoza $290
Layla Buchanan $290
Cynthia Bastida $290
Kathleen Frederick $260
In addition, the firm will seek reimbursement for out-of-pocket
expenses incurred.
On March 10, 2023, the Debtor's affiliate, Southlake Diagnostics
LLC, paid a retainer to the firm in the amount of $10,000.
David Wood, Esq., a partner at Marshack Hays, disclosed in a court
filing that his firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
David A. Wood, Esq.
Marshack Hays, LLP
870 Roosevelt
Irvine, CA 92620
Tel: (949) 333-7777
Fax: (949) 333-7778
Email: dwood@marshackhays.com
About Boston Biopharm
Boston BioPharm, Inc. filed a Chapter 11 bankruptcy petition
(Bankr. N.D. Texas Case No. 23-40429) on Feb. 15, 2023, with as
much as $1 million in both assets and liabilities. Judge Mark X.
Mullin oversees the case.
The Debtor tapped Marshack Hays, LLP as legal counsel.
BOURBON ENERGY: Seeks to Hire Robert L. Marrero as Legal Counsel
----------------------------------------------------------------
Bourbon Energy, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Louisiana to employ Robert L. Marrero,
LLC as its counsel.
The firm will render these services:
(a) advise and consult with the Debtor concerning questions
arising in the conduct of the administration of the estate and
concerning its rights and remedies;
(b) appear for, prosecute, defend, and represent the Debtor's
interests in suits arising in or related to this case;
(c) investigate and prosecute preference and other actions
arising under the Debtor's avoiding powers;
(d) assist in the preparation of such pleadings, motions,
notices, and orders as required for the orderly administration of
this case; and
(e) present a plan of reorganization.
The hourly rates of the firm's counsel and staff are as follows:
Robert L. Marrero, Esq. $350
Associates $150 - S250
Law Clerks $75 - $125
Paralegals $65 - $95
Mr. Marrero disclosed in a court filing that his firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Robert L. Marrero, Esq.
Robert L. Marrero, LLC
401 Whitney Ave., Suite 126
Gretna, LA 70056
Telephone; (504) 366-8025
Facsimile; (504) 366-8026
Email: office@bobmarrero.com
About Bourbon Energy
Bourbon Energy, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. La. Case No. 23-10569) on April 17,
2023. In the petition signed by Syed Mohuiddin, manager, the Debtor
disclosed under $1 million in both assets and liabilities.
Robert L. Marrero, LLC represents the Debtor as legal counsel.
BOXED INC: Seeks to Hire 'Ordinary Course' Professionals
--------------------------------------------------------
Boxed, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ
professionals used in the ordinary course of business.
The following are the "ordinary course" professionals with their
monthly fee cap:
Professional Services Provided Monthly Fee Cap
Brown Rudnick LLP Data Privacy Counsel $5,000
CFGI, LLC Tax and Advisory Services $30,000
Deloitte & Touche LLP Auditor $10,000
Greenberg Trauring, LLP Employment Lawyer $6,000
KPMG LLP Tax Consulting and Prep $50,000
Latham & Watkins LLP Capital Markets & Debt Counsel $15,000
Reina Boaz Law Immigration Firm $6,000
About Boxed Inc.
Boxed, Inc. (OTCMKTS: BOXDQ) -- http://www.boxed.com/-- is an
e-commerce retailer and an e-commerce enabler in New York. It
operates an e-commerce retail service that provides bulk pantry
consumables to businesses and household customers, without the
requirement of a "big-box" store membership. This service is
powered by the company's own purpose-built storefront, marketplace,
analytics, fulfillment, advertising, and robotics technologies.
Boxed further enables e-commerce through its Software & Services
business, which offers customers in need of an enterprise-level
e-commerce platform access to its end-to-end technology.
Boxed and four affiliates sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10397) on
April 2, 2023. In the petition signed by its chief executive
officer, Chieh Huang, Boxed disclosed $100 million to $500 million
in both assets and liabilities.
Judge Brendan Linehan Shannon presides over the cases.
The Debtors tapped Freshfields Bruckhaus Deringer US, LLP and
Potter Anderson & Corroon, LLP as legal counsels; FTI Consulting,
Inc. as financial advisor; and Solomon Parners, L.P. as investment
banker. Epiq Corporate Restructuring, LLC is the claims and
noticing agent and administrative advisor.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' Chapter
11 cases. Fox Rothschild, LLP is the committee's legal counsel.
BOXED INC: Seeks to Hire Epiq as Administrative Advisor
-------------------------------------------------------
Boxed, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Epiq
Corporate Restructuring, LLC.
The Debtors require an administrative advisor to:
(a) assist with, among other things, solicitation, balloting and
tabulation of votes, prepare any related reports in support of
confirmation of a Chapter 11 plan, and process requests for
documents;
(b) prepare an official ballot certification and, if necessary,
testify in support of the ballot tabulation results;
(c) assist with the preparation of the Debtors' schedules of
assets and liabilities and statements of financial affairs, and
gather data in conjunction therewith;
(d) provide a confidential data room, if requested; and
(e) manage and coordinate any distributions pursuant to a
Chapter 11 plan.
The firm will charge these hourly fees:
Clerical/Administrative Support Waived
IT / Programming $65 to $85
Project Managers/Consultants/Directors $85 to $175
Solicitation Consultant $175
Executive Vice President, Solicitation $185
Executives No Charge
The Debtor paid the firm a retainer of $15,000.
Kate Mailloux, senior director at Epiq, disclosed in a court filing
that her firm is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Kate Mailloux
Epiq Corporate Restructuring, LLC
777 Third Avenue, 12th Floor
New York, NY 10017
Telephone: +1 646 282 2532
Email: kmailloux@epiqglobal.com
About Boxed Inc.
Boxed, Inc. (OTCMKTS: BOXDQ) -- http://www.boxed.com/-- is an
e-commerce retailer and an e-commerce enabler in New York. It
operates an e-commerce retail service that provides bulk pantry
consumables to businesses and household customers, without the
requirement of a "big-box" store membership. This service is
powered by the company's own purpose-built storefront, marketplace,
analytics, fulfillment, advertising, and robotics technologies.
Boxed further enables e-commerce through its Software & Services
business, which offers customers in need of an enterprise-level
e-commerce platform access to its end-to-end technology.
Boxed and four affiliates sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10397) on
April 2, 2023. In the petition signed by its chief executive
officer, Chieh Huang, Boxed disclosed $100 million to $500 million
in both assets and liabilities.
Judge Brendan Linehan Shannon presides over the cases.
The Debtors tapped Freshfields Bruckhaus Deringer US, LLP and
Potter Anderson & Corroon, LLP as legal counsels; FTI Consulting,
Inc. as financial advisor; and Solomon Parners, L.P. as investment
banker. Epiq Corporate Restructuring, LLC is the claims and
noticing agent and administrative advisor.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' Chapter
11 cases. Fox Rothschild, LLP is the committee's legal counsel.
BOXED INC: Seeks to Hire Freshfields as Bankruptcy Counsel
----------------------------------------------------------
Boxed, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Freshfields
Bruckhaus Deringer US, LLP as their legal counsel.
The firm's services include:
a. representing the Debtors in connection with the sale of the
Spresso business and any other strategic sale transactions;
b. preparing legal papers;
c. taking action to protect and preserve the Debtors' estates,
including the prosecution of actions on the Debtors' behalf, the
defense of actions commenced against the Debtors, and the
negotiation of disputes in which the Debtors are involved;
d. prosecuting a Chapter 11 plan and seeking approval of all
transactions contemplated therein and any amendments thereto;
e. appearing in court; and
f. other necessary legal services.
The firm will be paid at these rates:
Partners $1,725 to 1,995 per hour
Counsel $1,495 per hour
Associates $975 to $1,375 per hour
Paraprofessionals $400 to $525 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The firm received from the Debtors more than $2.8 million as a
retainer. As of April 12, the balance of the retainer is
$470,508.24.
Madlyn Gleich Primoff, Esq., a partner at Freshfields, disclosed in
a court filing that her firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Ms.
Primoff also disclosed the following:
a. Freshfields has not agreed to a variation of its standard or
customary billing arrangements for this engagement.
b. No Freshfields professional included in this engagement has
varied his rate based on the geographic location of the Chapter 11
cases.
c. The Debtors and the firm have developed a prospective budget
and staffing plan for the firm's engagement for the post-petition
period. In accordance with the U.S. Trustee Guidelines, the budget
may be amended as necessary to reflect changed or unanticipated
developments.
Freshfields can be reached at:
Madlyn Gleich Primoff, Esq.
Scott D. Talmadge, Esq.
Alexander Adams Rich, Esq.
Freshfields Bruckhaus Deringer US, LLP
601 Lexington Avenue, 31st Floor
New York, NY 10022
Telephone: (212) 277-4000
Facsimile: (212) 277-4001
Email: madlyn.primoff@freshfields.com
scott.talmadge@freshfields.com
alexander.rich@freshfields.com
About Boxed Inc.
Boxed, Inc. (OTCMKTS: BOXDQ) -- http://www.boxed.com/-- is an
e-commerce retailer and an e-commerce enabler in New York. It
operates an e-commerce retail service that provides bulk pantry
consumables to businesses and household customers, without the
requirement of a "big-box" store membership. This service is
powered by the company's own purpose-built storefront, marketplace,
analytics, fulfillment, advertising, and robotics technologies.
Boxed further enables e-commerce through its Software & Services
business, which offers customers in need of an enterprise-level
e-commerce platform access to its end-to-end technology.
Boxed and four affiliates sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10397) on
April 2, 2023. In the petition signed by its chief executive
officer, Chieh Huang, Boxed disclosed $100 million to $500 million
in both assets and liabilities.
Judge Brendan Linehan Shannon presides over the cases.
The Debtors tapped Freshfields Bruckhaus Deringer US, LLP and
Potter Anderson & Corroon, LLP as legal counsels; FTI Consulting,
Inc. as financial advisor; and Solomon Parners, L.P. as investment
banker. Epiq Corporate Restructuring, LLC is the claims and
noticing agent and administrative advisor.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' Chapter
11 cases. Fox Rothschild, LLP is the committee's legal counsel.
BOXED INC: Seeks to Hire FTI Consulting as Financial Advisor
------------------------------------------------------------
Boxed, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ FTI
Consulting, Inc. as financial advisor.
The firm's services include:
-- assistance with contingency planning, including the
preparation of associated required financial and operating
information, and assistance with operational readiness and due
diligence support for any new financing in connection with such
contingency plans;
-- assistance with the preparation or refinement of cash and
liquidity forecasts and development of a debtor-in-possession
budget that reflects the working capital changes created by the
filing and additional costs of an in-court process;
-- assistance with sizing or budgeting for contingency reserves,
and developing strategies to manage vendors, conserve cash,
preserve optionality and extend liquidity runway;
-- assistance with business plan projections and scenarios, as
needed, to support management or the Debtors' investment banker
with developing strategic and operational alternatives, and
negotiations with lenders or new investors;
-- assistance with the development of creditor, customer and
employee communications plans; and
-- provision of other advisory services.
The firm will be paid at these rates:
Senior Managing Directors $1,045 to $1,495 per hour
Directors/Senior Directors/
Managing Directors $785 to $1,055 per hour
Consultants/Senior Consultants $435 to $750 per hour
Administrative/Paraprofessionals $175 to $325 per hour
During the 90 days before the petition date, FTI received
$1,733,551.50 in the aggregate for pre-bankruptcy services. The
firm received unapplied advance payments from the Debtors in the
amount of $517,848.
Heath Gray, a senior managing director at FTI, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Heath C. Gray
FTI Consulting, Inc.
1166 Avenue of the Americas, 15th Floor
New York, NY 10036
Tel: (646) 717-3123
Email: heath.gray@fticonsulting.com
About Boxed Inc.
Boxed, Inc. (OTCMKTS: BOXDQ) -- http://www.boxed.com/-- is an
e-commerce retailer and an e-commerce enabler in New York. It
operates an e-commerce retail service that provides bulk pantry
consumables to businesses and household customers, without the
requirement of a "big-box" store membership. This service is
powered by the company's own purpose-built storefront, marketplace,
analytics, fulfillment, advertising, and robotics technologies.
Boxed further enables e-commerce through its Software & Services
business, which offers customers in need of an enterprise-level
e-commerce platform access to its end-to-end technology.
Boxed and four affiliates sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10397) on
April 2, 2023. In the petition signed by its chief executive
officer, Chieh Huang, Boxed disclosed $100 million to $500 million
in both assets and liabilities.
Judge Brendan Linehan Shannon presides over the cases.
The Debtors tapped Freshfields Bruckhaus Deringer US, LLP and
Potter Anderson & Corroon, LLP as legal counsels; FTI Consulting,
Inc. as financial advisor; and Solomon Parners, L.P. as investment
banker. Epiq Corporate Restructuring, LLC is the claims and
noticing agent and administrative advisor.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' Chapter
11 cases. Fox Rothschild, LLP is the committee's legal counsel.
BOXED INC: Seeks to Hire Potter Anderson & Corroon as Co-Counsel
----------------------------------------------------------------
Boxed, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Potter
Anderson & Corroon, LLP as co-counsel with Freshfields Bruckhaus
Deringer US, LLP.
The firm's services include:
a. advising the Debtors of their rights, powers and duties under
Chapter 11 of the Bankruptcy Code;
b. preparing legal papers;
c. assisting with any disposition of the Debtors' assets by sale
or otherwise;
d. taking action to protect and preserve the Debtors' estates,
including the prosecution of actions on the Debtors' behalf, the
defense of actions commenced against the Debtors, the negotiation
of disputes in which the Debtors are involved, and the preparation
of objections to claims filed against the Debtors;
e. preparing and prosecuting on behalf of the Debtors any
proposed plan of reorganization or liquidation, and any disclosure
statement related thereto, and seeking approval of all transactions
contemplated therein and any amendments thereto;
f. preparing and prosecuting pleadings necessary to solicit
votes on any proposed plan of reorganization;
g. appearing in court and at any meeting required by the U.S.
trustee and creditors;
h. advising the Debtors on matters in which Freshfields has
conflicts;
i. providing additional support to Freshfields, as requested;
and
j. other necessary legal services in connection with the
Debtors' Chapter 11 cases.
The firm will be paid at these rates:
Partner $675 to $1,345 per hour
Counsel $650 to $705 per hour
Associates $440 to $575 per hour
Paraprofessionals $330 to $350 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The firm received from the Debtor a retainer in the amount of
$625,000. As of April 5, 2023, the balance of the retainer is
$218,718.99.
Jeremy Ryan, Esq., a partner at Potter Anderson & Corroon,
disclosed in a court filing that his firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Mr.
Ryan disclosed the following:
a. Potter Anderson & Corroon has not agreed to a variation of
its standard or customary billing arrangement for this engagement.
b. None of the firm's professionals included in this engagement
have varied their rate based on the geographic location of these
Chapter 11 cases.
c. The firm has only represented the Debtors in connection with
this matter. The billing rates and material terms of the
representation prior to the petition date are the same as the rates
and terms currently proposed by the firm.
d. The Debtors and the firm expect to develop a prospective
budget and staffing plan for the firm's engagement for the
post-petition period as appropriate. In accordance with the U.S.
Trustee Guidelines, the budget may be amended as necessary to
reflect changed or unanticipated developments.
Potter Anderson & Corroon can be reached at:
M. Blake Cleary, Esq.
Jeremy W. Ryan, Esq.
Katelin A. Morales, Esq.
Elizabeth R. Schlecker, Esq.
Potter Anderson & Corroon, LLP
1313 North Market Street, 6th Floor
Wilmington, DE 19801
Tel: (302) 984-6000
Fax: (302) 658-1192
Email: bcleary@potteranderson.com
jryan@potteranderson.com
kmorales@potteranderson.com
eschlecker@potteranderson.com
About Boxed Inc.
Boxed, Inc. (OTCMKTS: BOXDQ) -- http://www.boxed.com/-- is an
e-commerce retailer and an e-commerce enabler in New York. It
operates an e-commerce retail service that provides bulk pantry
consumables to businesses and household customers, without the
requirement of a "big-box" store membership. This service is
powered by the company's own purpose-built storefront, marketplace,
analytics, fulfillment, advertising, and robotics technologies.
Boxed further enables e-commerce through its Software & Services
business, which offers customers in need of an enterprise-level
e-commerce platform access to its end-to-end technology.
Boxed and four affiliates sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10397) on
April 2, 2023. In the petition signed by its chief executive
officer, Chieh Huang, Boxed disclosed $100 million to $500 million
in both assets and liabilities.
Judge Brendan Linehan Shannon presides over the cases.
The Debtors tapped Freshfields Bruckhaus Deringer US, LLP and
Potter Anderson & Corroon, LLP as legal counsels; FTI Consulting,
Inc. as financial advisor; and Solomon Parners, L.P. as investment
banker. Epiq Corporate Restructuring, LLC is the claims and
noticing agent and administrative advisor.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' Chapter
11 cases. Fox Rothschild, LLP is the committee's legal counsel.
BOXED INC: Taps Solomon Partners Securities as Investment Banker
----------------------------------------------------------------
Boxed, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Solomon
Partners Securities, LLC as investment banker.
The Debtors require an investment banker to:
(a) familiarize itself with the business, operations,
properties, financial condition, and prospects of the Debtors;
(b) advise and assist the Debtors in structuring and effecting
the financial aspects of such a transaction or transactions,
subject to the terms and conditions of the Engagement Agreement;
(c) provide financial advice and assistance to the Debtors in
connection with a sale, identify potential acquirers and, at the
Debtors' request, contact such potential acquirers;
(d) assist the Debtors in preparing marketing materials to be
used in soliciting potential acquirers;
(e) advise and assist the Debtors in negotiations with potential
acquirers;
(f) participate in hearings before the court with respect to the
matters on a sale, including but not limited to, the valuation of
the specific assets or overall valuation of the Debtors;
(g) provide financial advice and assistance to the Debtors in
developing and seeking approval of any plan or reorganization,
which may be a plan under the Bankruptcy Code;
(h) advise and assist the Debtors in negotiations with entities
or groups affected by a bankruptcy plan;
(i) participate in hearings before the court with respect to the
matters upon which the firm has provided advice, including, as
relevant, coordinating with the Debtors' counsel with respect to
testimony in connection therewith;
(j) provide financial advice and assistance to the Debtors in
structuring a financing, identifying potential investors and, at
the Debtors' request, contacting such investors;
(k) assist the Debtors in developing and preparing marketing
materials to be used in soliciting potential investors;
(l) advise and assist the Debtors in negotiations with potential
investors; and
(m) participate in hearings before the court with respect to the
matters on the financing, including but not limited to, the
reasonableness of debtor-in-possession financing and the terms
thereof.
The firm will be paid as follows:
(a) Monthly Advisory Fee. A monthly financial advisory fee of
$150,000 per month beginning on March 1, 2023 and thereafter on
each monthly anniversary during the term of the Engagement
Agreement.
(b) Sale Transaction Fee. If at any time during the Fee Period,
(x) any sale is consummated or (y)(1) an agreement in principle or
definitive agreement to effect a sale is entered into, and (2)
concurrently therewith or at any time thereafter (including
following the expiration of the Fee Period) any sale is
consummated, the Debtors shall pay Solomon a transaction fee (a
"Sale Transaction Fee") at the closing thereof, which shall be
equal to 1.5 per cent of the aggregate consideration paid or
payable in connection with such sale; provided, however, that the
minimum Sale Transaction Fee payable to Solomon pursuant to this
sentence in connection with any sale shall be $1.75 million (the
"Minimum Sale Transaction Fee"). Notwithstanding the foregoing, in
the event more than one sale is consummated, the Minimum Sale
Transaction Fee shall apply only in respect of the first such
sale.
(c) Restructuring Transaction Fee. If at any time during the
term of the Engagement Agreement or within 12 months following the
termination of the Engagement Agreement (the "Fee Period"), (x) any
restructuring is consummated or (y)(1) an agreement in principle,
definitive agreement or Plan to effect a restructuring is entered
into and (2) concurrently therewith or at any time thereafter
(including following the expiration of the Fee Period), any
restructuring is consummated, the Debtors shall pay Solomon a
transaction fee (a "Restructuring Transaction Fee") at the closing
thereof, equal to $1.75 million.
(d) Financing Transaction Fee. If at any time during the Fee
Period the Debtors consummate any financing, the Debtors will pay
to Solomon a financing fee equal to the applicable percentage below
of the gross proceeds of, or if greater, maximum lending or funding
commitment under, such financing (a "Financing Transaction Fee"):
i. 1 percent for senior secured debt (including any
debtor-in-possession financing);
ii. 2 percent for senior debt, including unitranche debt (i.e.,
combining different types of debt, such as senior and subordinated,
into one instrument), real estate-related debt, "last-out" or
"FILO" debt, and any senior debt funded by non-bank lenders;
iii. 3 percent for junior debt, including unsecured debt,
subordinated debt or mezzanine debt;
iv. 5 percent for common, preferred or other equity, including,
without limitation, securities or debt convertible into equity or
equity-linked debt; and
v. with respect to any other securities or indebtedness
issued, such financing fees or other compensation as shall be
customary under the circumstances and mutually agreed by the
Debtors and the firm.
Mark Hootnick, senior managing director at Solomon Partners
Securities, disclosed in a court filing that his firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
Mark Hootnick
Solomon Partners Securities, LLC
3350 Virginia St.
Miami, FL 33133
Tel: (212) 508-1665
Email: mark.hootnick@solomonpartners.com
About Boxed Inc.
Boxed, Inc. (OTCMKTS: BOXDQ) -- http://www.boxed.com/-- is an
e-commerce retailer and an e-commerce enabler in New York. It
operates an e-commerce retail service that provides bulk pantry
consumables to businesses and household customers, without the
requirement of a "big-box" store membership. This service is
powered by the company's own purpose-built storefront, marketplace,
analytics, fulfillment, advertising, and robotics technologies.
Boxed further enables e-commerce through its Software & Services
business, which offers customers in need of an enterprise-level
e-commerce platform access to its end-to-end technology.
Boxed and four affiliates sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10397) on
April 2, 2023. In the petition signed by its chief executive
officer, Chieh Huang, Boxed disclosed $100 million to $500 million
in both assets and liabilities.
Judge Brendan Linehan Shannon presides over the cases.
The Debtors tapped Freshfields Bruckhaus Deringer US, LLP and
Potter Anderson & Corroon, LLP as legal counsels; FTI Consulting,
Inc. as financial advisor; and Solomon Parners, L.P. as investment
banker. Epiq Corporate Restructuring, LLC is the claims and
noticing agent and administrative advisor.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' Chapter
11 cases. Fox Rothschild, LLP is the committee's legal counsel.
BOY SCOUTS: Abuse Victims Reach Chapter 11 Fee Deal
---------------------------------------------------
Hailey Konnath of Law360 reports that the Coalition of Abused
Scouts for Justice said Friday, April 14, 2023, that it has reached
a consensus on its proposal to get its fees paid in Boys Scouts of
America's Chapter 11 case, arguing that the coalition played a key
role in reaching the restructuring plan, which includes a $2.5
billion settlement.
The Coalition said it has reached resolutions with objectors to its
application. After the objection deadline passed, the Coalition
engaged with the two objectors -- i.e., the United States Trustee
and the Lujan Claimants.
In seeking approval of its motion, the Coalition claims that it
provided a substantial distribution in the case as it negotiated
key settlements with the Local Councils, Hartford, Century, and
other insurers that are worth billions of dollars to survivors and
that enabled the Debtors to confirm a global resolution plan.
"The Coalition's plan structure made it possible for (i) the Local
Councils to go forward with their settlement, (ii) insurers to
enter into settlements and obtain global peace, (iii) all Survivors
to receive the full benefit of those and other settlements
(estimated to be worth several billion dollars), (iv) the Debtors
to confirm a global resolution plan that enables Boy Scouts to
survive, and (v) other creditors to receive far more favorable
treatment, recoveries and/or protections than they would have in a
liquidation," the COalition said in court filings.
"The various settlements -- i.e., the Local Council Settlement, the
Second Hartford Settlement, and the Century Settlement -- were
critical parts of the Plan and were necessary to achieve a global
resolution, which global resolution provides substantial benefits
to the Debtors' estates, the Local Councils, and Chartered
Organizations, and billions of dollars in compensation for
Survivors. The reality of these cases was that without the
Coalition, stalemate and impasse loomed large. This invited delay
and could have led to a value destructive liquidation and the end
of Boy Scouts. The Coalition forged a path toward a reorganization
that confers substantial benefits on the estates and non-Coalition
members. This accords with and satisfies well-settled Third Circuit
standards for a substantial contribution."
Counsel to the Coalition of Abused Scouts for Justice:
MONZACK MERSKY AND BROWDER, P.A.
Rachel B. Mersky
1201 North Orange Street
Suite 400
Wilmington, Delaware 19801
Telephone: (302) 656-8162
Facsimile: (302) 656-2769
E-mail: RMersky@Monlaw.com
- and -
BROWN RUDNICK LLP
David J. Molton, Esq.
Eric R. Goodman, Esq.
Seven Times Square
New York, NY 10036
Telephone: (212) 209-4800
E-mail: DMolton@BrownRudnick.com
E-mail: EGoodman@BrownRudnick.com
- and -
Sunni P. Beville, Esq.
Tristan G. Axelrod, Esq.
One Financial Center
Boston, MA 02111
Telephone: (617) 856-8200
E-mail: SBeville@BrownRudnick.com
E-mail: TAxelrod@BrownRudnick.com
About Boy Scouts of America
The Boy Scouts of America -- https://www.scouting.org/ -- is a
federally chartered non-profit corporation under title 36 of the
United States Code. Founded in 1910 and chartered by an act of
Congress in 1916, the BSA's mission is to train youth in
responsible citizenship, character development, and self-reliance
through participation in a wide range of outdoor activities,
educational programs, and, at older age levels, career-oriented
programs in partnership with community organizations. Its national
headquarters is located in Irving, Texas.
The Boy Scouts of America and affiliate Delaware BSA, LLC, sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on
Feb. 18, 2020, to deal with sexual abuse claims.
Boy Scouts of America was estimated to have $1 billion to $10
billion in assets and at least $500 million in liabilities as of
the bankruptcy filing.
The Debtors have tapped Sidley Austin LLP as their bankruptcy
counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel,
and Alvarez & Marsal North America, LLC, as financial advisor.
Omni Agent Solutions is the claims agent.
The U.S. Trustee for Region 3 appointed a tort claimants' committee
and an unsecured creditors' committee on March 5, 2020. The tort
claimants' committee is represented by Pachulski Stang Ziehl &
Jones, LLP, while the unsecured creditors' committee is represented
by Kramer Levin Naftalis & Frankel, LLP.
BRAND MARINADE: Starts Subchapter V Proceedings
-----------------------------------------------
Brand Marinade LLC filed for chapter 11 protection in the Southern
District of Florida. The Debtor elected on its voluntary petition
to proceed under Subchapter V of chapter 11 of the Bankruptcy
Code.
The Debtor is in the business of producing promotional marketing
items, with a focus on brand-related screen printing and apparel.
The Debtor's principal office is located at leased premises at 4800
N. Federal Hwy, Suit B200, in Boca Raton, Florida.
The Debtor overcame difficulties related to Covid-19 shutdowns in
2020, maintaining all employees on full salary and benefits,
servicing all debts and paying all expenses timely. The Debtor
ramped up operations in April 2020, converting its shop to produce
masks, hiring 35 people and running an embroidery shop full time.
It utilized an EILD loan to make masks, and hire and train new
employees for future screen printing projects.
But the Debtor underestimated overhead associated with producing
masks in light of California's covid restrictions and overestimated
need for additional employees and equipment to scale up operations.
In addition, mandatory minimum wage increases and inflation lead
to increased labor costs, while profit margins were reduced due to
increase costs of goods. The Debtor was on track to break even by
2022, when a covid outbreak at the shop in late October caused them
to lose 90% of pre-booked holiday production. With a slow first
quarter in 2023, the Debtor finally became unable to meet debt
service on high interest merchant advance loans and decided to file
for Chapter 11.
A telephonic meeting of creditors under 11 U.S.C. Section 341(a) is
slated for May 4, 2023 at 9:00 a.m.
About Brand Marinade LLC
Brand Marinade LLC -- www.brandmarinade.com -- provides printing
and related support services. Its service, team, and facilities
were built to help clients successfully navigate the world of
apparel and merchandise.
Brand Marinade LLC filed a petition for relief under Subchapter V
of Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
23-12729) on April 7, 2023.
In the petition filed by Jeremy Castro, as CEO, the Debtor reported
total assets of $597,096 and total liabilities of $1,591,752. The
petition states that funds will be available to unsecured
creditors.
The Honorable Bankruptcy Judge Mindy A Mora handles the case.
Soneet Kapila has been appointed as Subchapter V trustee.
The Debtor is represented by:
Malinda L Hayes, Esq.
Law Offices of Malinda L. Hayes
4800 N. Federal Hwy.
Suite B200
Boca Raton, FL 33431
Tel: (561) 537-3796
Email: malinda@mlhlawoffices.com
CA TECHIES: Seeks to Hire Michael Jay Berger as Bankruptcy Counsel
------------------------------------------------------------------
CA Techies Inc. seeks approval from the U.S. Bankruptcy Court for
the Central District of California to employ the Law Offices of
Michael Jay Berger as its bankruptcy counsel.
The firm will render these legal services:
(a) communicate with creditors of the Debtor;
(b) review the Debtor's Chapter 11 bankruptcy petition and all
supporting schedules;
(c) advise the Debtor of its legal rights and obligations in a
bankruptcy proceeding;
(d) work to bring the Debtor into full compliance with
reporting requirements of the Office of the U.S. Trustee;
(e) prepare status reports as required by the court;
(f) respond to any motions filed in the Debtor's bankruptcy
proceeding; and
(g) respond to creditor inquiries;
(h) review proofs of claim filed in the Debtor's bankruptcy
and object to inappropriate claims;
(i) prepare Notices of Automatic Stay in all state court
proceedings in which the Debtor is sued; and
(j) if appropriate, prepare a Chapter 11 Plan of
Reorganization for the Debtor.
The hourly rates of the firm's attorneys and staff are as follows:
Michael Jay Berger, Esq. $595
Sofya Davtyan, Senior Associate Attorney $545
Carolyn M. Afari, Mid-level Associate Attorney $435
Robert Poteete, Mid-level Associate Attorney $435
Angeline Smirnoff, Associate Attorney $395
Senior Paralegals and Law Clerks $250
Bankruptcy Paralegals $200
The firm received a $15,000 retainer.
Michael Jay Berger, Esq., the sole owner of the Law Offices of
Michael Jay Berger, disclosed in a court filing that the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Michael Jay Berger, Esq.
Law Offices of Michael Jay Berger
9454 Wilshire Blvd., 6th Floor
Beverly Hills, CA 90212-2929
Telephone: (310) 271-6223
Facsimile: (310) 271-9805
Email: michael.berger@bankruptcypower.com
About CA Techies Inc.
CA Techies Inc., a company in Santa Fe Springs, Calif., sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
C.D. Calif. Case No. 23-11776) on March 24, 2023, with up to $1
million in assets and up to $10 million in liabilities. Mandeep
Singh, president of CA Techies, signed the petition.
Judge Sandra R. Klein oversees the case.
Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger,
is the Debtor's legal counsel.
CATALINA MARKETING: Unsecureds Unimpaired in Prepack Plan
---------------------------------------------------------
Pacificco Inc., et al., submitted a First Amended Joint Prepackaged
Chapter 11 Plan.
Class 6 General Unsecured Claims. The legal, equitable, and
contractual rights of the holders of General Unsecured Claims are
unaltered by this Plan. Except to the extent that a holder of a
General Unsecured Claim agrees to different treatment, on and after
the Effective Date, the Debtors shall continue to pay (if Allowed)
or dispute each General Unsecured Claim in the ordinary course of
business as if the Chapter 11 Cases had never been commenced. All
Allowed General Unsecured Claims are deemed Unimpaired.
The Debtors have conducted a prepetition marketing and sale
process. Pursuant to this sale and marketing process, the Debtors
have agreed to the Sale Transaction with the Buyer and executed the
Purchase Agreement.
The Sale Transaction shall be consummated with the Buyer on the
Effective Date in accordance with the Sale Transaction Documents.
If the Purchase Agreement is terminated in accordance with its
terms, the Debtors shall file a notice with the Bankruptcy Court.
For the avoidance of doubt, the Purchase Agreement shall continue
in full force and effect after the Effective Date in accordance
with its terms.
The Sale Transaction Documents are attached as exhibits to the
Disclosure Statement. To the extent there are material amendments
to those documents prior to the Confirmation Hearing, the Debtors
will file the amended documents prior to the Confirmation Hearing.
Prior to or after the Confirmation Date, the Debtor is authorized
to enter into non-material amendments to the Sale Transaction
Documents, or any other documents in furtherance of the
transactions contemplated thereby without the need for further
notice or Court approval but subject to reasonable prior notice to
Mudrick.
On the Effective Date, the Sale Transaction shall be implemented in
the following sequence:
(i) first, pursuant to sections 1123, 1141(b), and 1141(c) of the
Bankruptcy Code, the Catalina Japan Equity Interests shall vest
free and clear of all Liens, Claims, charges, interests, or other
encumbrances in the Buyer in accordance with the Sale Transaction
Documents;
(ii) second, the Buyer shall remit the Sale Transaction Proceeds to
an account or accounts designated by the Debtors; and
(iii) Sale Transaction Proceeds shall be used to fund Plan
Distributions in accordance with this Plan and the Restructuring
Support Agreement.
Plan Distributions of Cash shall be funded from the Debtors' Cash
on hand as of the applicable date of such Plan Distribution and
from the Sale Transaction Proceeds, as applicable.
Following the Confirmation Date or as soon as reasonably
practicable thereafter, the Debtors, the Reorganized Debtors, and
the Buyer, as applicable, may take all actions as may be necessary
or appropriate in their discretion to effectuate any transaction
described in, approved by, contemplated by, or necessary to
effectuate the Plan, including: (a) the execution and delivery of
appropriate agreements or other documents of merger, amalgamation,
consolidation, restructuring, conversion, disposition, transfer,
arrangement, continuance, dissolution, sale, purchase, or
liquidation containing terms that are consistent with the terms of
the Plan and the Definitive Documents; (b) the execution, delivery
and, if applicable, filing of appropriate instruments of transfer,
assignment, assumption, release, termination, or delegation of any
asset, property, right, liability, debt, or obligation on terms
consistent with the terms of this Plan; (c) the filing of
appropriate certificates or articles of incorporation,
reincorporation, merger, consolidation, conversion, amalgamation,
arrangement, continuance, or dissolution pursuant to applicable
state or law; (d) the issuance of securities; and (e) all other
actions that the Debtors, the Reorganized Debtors, or the Buyer
determine to be necessary or appropriate, including in connection
with the consummation of the Sale Transaction and making filings or
recordings that may be required by applicable law in connection
with the Plan, all of which shall be authorized and approved in all
respects, in each case, without further action being required under
applicable law, regulation, order, rule or the governing documents
of the Debtors, the Reorganized Debtors, or the Buyer.
Each officer, manager, or member of the board of directors or
managers of the Debtors or Reorganized Debtors is (and each
officer, manager, or member of the board of directors or managers
of the Debtors and the Reorganized Debtors, as applicable, shall
be) authorized and directed to issue, execute, deliver, file, or
record such contracts, securities, instruments, releases,
indentures, and other agreements or documents and take such actions
as may be necessary or appropriate to effectuate, implement, and
further evidence the terms and conditions of the Plan in the name
of and on behalf of the Debtors or the Reorganized Debtors, all of
which shall be authorized and approved in all respects, in each
case, without the need for any approvals, authorization, consents,
or any further action required under applicable law, regulation,
order, or rule (including, without limitation, any action by the
stockholders, members, directors or managers of the Debtors or the
Reorganized Debtors) except for those expressly required pursuant
to the Plan.
The Debtors shall be authorized to implement the Sale Transaction
in the manner most tax efficient to the Reorganized Debtors and in
accordance with the Sale Transaction Documents; provided that the
foregoing shall not in any way permit the Debtors to modify the tax
treatment agreed to or otherwise provided for in the Sale
Transaction Documents.
All matters provided for herein involving the corporate structure
of the Debtors or the Reorganized Debtors, to the extent
applicable, or any corporate or related action required by the
Debtors or the Reorganized Debtors in connection herewith shall be
deemed to have occurred and shall be in effect, without any
requirement of further action by the stockholders, members,
directors or managers of the Debtors or Reorganized Debtors, and
with like effect as though such action had been taken unanimously
by the stockholders, members, directors, managers, or officers, as
applicable, of the Debtors or Reorganized Debtors.
Proposed Attorneys for the Debtors and Debtors in Possession:
Gary T. Holtzer, Esq.
Kevin Bostel, Esq.
Rachael Foust, Esq.
WEIL, GOTSHAL & MANGES LLP
767 Fifth Avenue
New York, NY 10153
Telephone: (212) 310-8000
Facsimile: (212) 310-8007
A copy of the Disclosure Statement dated April 7, 2023, is
available at https://bit.ly/3KVkg3r from PacerMonitor.com.
About Catalina Marketing
Catalina Marketing Corporation provides an extensive network of
in-store, point-of-sale data acquisition and promotional delivery
systems, present in approximately 22,000 retail locations in the
U.S. Catalina is currently party to agreements with approximately
59 retailer partners to utilize Catalina's networked servers and
high-speed printers at multiple POS locations in each of the
retailers' stores.
Catalina and several affiliates previously sought Chapter 11
bankruptcy protection on Dec. 12, 2018 with a prepackaged plan that
would reduce debt by $1.6 billion. The 2018 lead case was In re
Checkout Holding Corp. (Bankr. D. Del. Case No. 18-12794). In the
2018 petition, Catalina disclosed funded debt of $1.9 billion as of
the bankruptcy filing. Assets were in the range of $1 billion to
$10 billion. On January 31, 2019, the Hon. Kevin Gross confirmed
the company's Plan of Reorganization allowing Catalina to reduce
debt by more than 80% from about $1.9 billion to about $280 million
upon emergence.
In the 2018 Plan, first lien lenders owed $55 million on a first
lien revolver and $1.02 billion on a first lien term loan were
slated to receive their pro rata share of 90% of the equity in the
reorganized Debtors, subject to dilution by a contemplated
management incentive plan. Second Lien Lenders owed $460 million on
a second-lien term loan will receive their pro rata share of 10% of
the New Common Stock, subject to dilution. Allowed general
unsecured claims were paid in the ordinary course and otherwise
unimpaired.
Catalina Marketing and 14 affiliated entities sought Chapter 11
bankruptcy protection in the U.S. Bankruptcy Court for the Southern
District of New York on March 28, 2023. Affiliate PacificCo Inc.
(Bankr. S.D.N.Y. Case No. 23-10470) is the lead case. The Debtors
listed $100 million to $500 million in estimated assets and
liabilities on a consolidated basis. The petitions were signed by
Michael Huffmaster as chief financial officer.
The Hon. Philip Bentley oversees the cases. Garty T. Holtzer,
Esq., Kevin Bostel, Esq., and Rachael Foust, Esq., at Weil, Gotshal
& Manges LLP, serve as the Debtors' counsel. FTI Consulting, Inc.,
serves as the Debtors' financial advisor. Houlihan Lokey is the
Debtors' investment banker. Kurtzman Carson Consultants LLC is the
Debtors' claims, noticing and solicitation agent.
CELSIUS NETWORK: Preps Up Litigation vs. Tiffany Fong for Info Leak
-------------------------------------------------------------------
The Coin Telegraph reports that a court filing indicates that
bankrupt crypto lender Celsius Network either intended to or is
potentially considering legal action against crypto blogger and
Celsius creditor Tiffany Fong over leaking internal information.
A screenshot shared by Fong shows that she currently has roughly
$119,000 worth of crypto assets, such as Bitcoin (BTC), Ether (ETH)
and Polygon (MATIC) locked on Celsius, after the firm paused
withdrawals in mid-June 2022, before filing for Chapter 11
bankruptcy the following month.
Since then, she has been actively reporting on the bankruptcy case
as it unfolds via YouTube and other social media platforms. On
multiple occasions, Fong has shared leaked internal information,
which she claims was given to her privately by disgruntled former
Celsius employees.
In an itemized sixth monthly fee statement from Celsius' counsel
Kirkland & Ellis International submitted to the bankruptcy court
for the Southern District of New York on April 14, the law firm
reported that it had worked 77 billable hours worth roughly $72,000
on an invoice titled "Tiffany Fong litigation."
The law firm's work on this case started on Jan. 26, with the last
recorded hours of work reported on Feb. 6.
While a concrete legal action hasn't been formulated yet, the
filing shows Celsius' legal counsel specifically looked into the
leaked information Fong reported on via her social media accounts.
In the filing, Celsius' law firm also outlined that it was drafting
cease and desist letters for Fong and a motion to compel, which
generally asks courts to enforce a request for information relevant
to a case.
To name a few examples, Fong has reported on leaked internal
information relating to company bids on Celsius assets, alleged
audio of private company discussions, and alleged transaction
activity of executives such as former CEO and founder Alex
Mashinsky.
Speaking with Cointelegraph, Fong didn't mince her words as she
alleged that Celsius is "using customer funds in an attempt to sue
a creditor" over something that she asserts isn’t a legal issue,
to begin with:
"It’s bullshit, I didn't do anything illegal. I’m not an
employee, so I didn't break an NDA [nondisclosure agreement]. I’m
a creditor, and they owe me 3.1 BTC and 11.6 ETH."
Cointelegraph has also reached out to Celsius for comment on the
potential litigation but received no response by publication time.
Adding fuel to the fire, Fong is currently in New York attending
the 2023 NYC NFT event. Posting on Twitter on April 15, she
revealed that she found Alex Mashinsky and his wife, Krissy
Mashinsky, out in public and approached them.
A video posted to Twitter also shows the Mashinsky couple hurriedly
walking away as other crypto content creators, such as BitBoy
Crypto (Ben Armstrong), approach alongside Fong in an attempt to
engage them in conversation.
About Celsius Network
Celsius Network LLC -- http://www.celsius.network/-- is a
financial services company that generates revenue through
cryptocurrency trading, lending, and borrowing, as well as by
engaging in proprietary trading.
Celsius helps over a million customers worldwide to find the path
towards financial independence through a compounding yield service
and instant low-cost loans accessible via a web and mobile app.
Celsius has a blockchain-based fee-free platform where membership
provides access to curated financial services that are not
available through traditional financial institutions.
The Celsius Wallet claims to be one of the only online crypto
wallets designed to allow members to use coins as collateral to get
a loan in dollars, and in the future, to lend their crypto to earn
interest on deposited coins (when they're lent out).
Crypto lenders such as Celsius boomed during the COVID-19 pandemic,
drawing depositors with high interest rates and easy access to
loans rarely offered by traditional banks. But the lenders'
business model came under scrutiny after a sharp sell-off in the
crypto market spurred by the collapse of major tokens terraUSD and
luna in May 2022.
New Jersey-based Celsius froze withdrawals in June 2022, citing
"extreme" market conditions, cutting off access to savings for
individual investors and sending tremors through the crypto
market.
The list of major crypto firms that have filed for bankruptcy
protection in 2022 now includes Celsius Network, Three Arrows
Capital and Voyager Digital.
Celsius Network, LLC and its subsidiaries sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case
No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex
Mashinsky, the Debtors estimated assets and liabilities between $1
billion and $10 billion.
The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as bankrupty counsels; Fischer (FBC & Co.) as
special counsel; Centerview Partners, LLC as investment banker; and
Alvarez & Marsal North America, LLC as financial advisor. Stretto
is the claims agent and administrative advisor.
On July 27, 2022, the U.S. Trustee appointed an official committee
of unsecured creditors. The committee tapped White & Case, LLP as
its bankruptcy counsel; Elementus Inc. as its blockchain forensics
advisor; M3 Advisory Partners, LP as its financial advisor; and
Perella Weinberg Partners, LP as its investment banker.
Shoba Pillay, Esq., is the examiner appointed in the Debtors'
Chapter 11 cases. Jenner & Block, LLP and Huron Consulting
Services, LLC serve as the examiner's legal counsel and financial
advisor, respectively.
CHENG & COMPANY: Seeks to Hire Drescher & Associates as Counsel
---------------------------------------------------------------
Cheng & Company LLC seeks approval from the U.S. Bankruptcy Court
for the District of Columbia to employ Drescher & Associates, PA as
its counsel.
The firm will render these services:
(a) consult with and advise the Debtor as to its powers and
duties in the operation of its business and the management of its
property;
(b) respond, as necessary, under the circumstances of the
Debtor's Chapter 11 case, to any effort of creditors to appoint a
trustee in lieu of the Debtor or to rescind the automatic stay of
Sec. 362 of the Bankruptcy Code as to its property;
(c) assist the Debtor in the preparation of those documents
required by the Bankruptcy Code;
(d) represent the Debtor in the formulation and negotiation of
a plan of reorganization;
(e) attend the meeting of creditors, any adjourned meeting of
creditors, and such other bankruptcy court hearings as are
required;
(f) assist the Debtor in the preparation of a disclosure
statement adequate to the circumstances of this case; and
(g) draft and file such applications, orders, reports,
complaints, and other bankruptcy court papers as are required of
the Debtor.
Ronald Drescher, Esq., an attorney at Drescher & Associates, will
be billed at an hourly rate of $400.
The retainer fee is $25,000.
Mr. Drescher disclosed in a court filing that his firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Ronald J. Drescher, Esq.
Drescher & Associates, PA
10999 Red Run Blvd., Suite 205
PMB 224
Owings Mills, MD 21117
Telephone: (410) 484-9000
Facsimile: (410) 484-8120
Email: rondrescher@drescherlaw.com
About Cheng & Company
Cheng & Company, LLC is primarily engaged in acting as lessors of
buildings used as residences or dwellings. The company is based in
the District of Columbia.
Cheng & Company sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.D.C. Case No. 23-00104) on April 17,
2023. In the petition signed by Anthony C. Cheng, managing member,
the Debtor disclosed $6,202,284 in total assets and $7,954,326 in
total liabilities.
Judge Elizabeth L. Gunn oversees the case.
Ronald J. Drescher, Esq., at Drescher & Associates, PA is the
Debtor's counsel.
CITY CONSULTING: Taps Lefkovitz & Lefkovitz as Legal Counsel
------------------------------------------------------------
City Consulting, LLC seeks approval from the U.S. Bankruptcy Court
for the Middle District of Tennessee to employ Lefkovitz &
Lefkovitz, PLLC as its legal counsel.
The firm's services include:
a. advising the Debtor as to its rights, duties, and powers;
b. preparing and filing statements and schedules, Chapter 11
plans and other documents;
c. representing the Debtor at hearings, meetings of creditors,
conferences, trials, and any other proceedings; and
d. performing other necessary legal services in connection
with the Debtor's Chapter 11 case.
The firm will be paid at these rates:
Steven L. Leftkovitz $555 per hour
Associates $350 per hour
Paralegals $125 per hour
In addition, the firm will receive reimbursement for its
out-of-pocket expenses.
The firm received from the Debtor a retainer of $5,000.
Steven Leftkovitz, Esq., a partner at Lefkovitz & Lefkovitz, PLLC,
disclosed in a court filing that his firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Steven L. Lefkovitz, Esq.
Lefkovitz & Lefkovitz, PLLC
908 Harpeth Valley Place
Nashville, TN 37221
Tel: (615) 256-8300
Fax: (615) 255-4516
Email: slefkovitz@lefkovitz.com
About City Consulting
City Consulting, LLC filed a Chapter 11 bankruptcy petition (Bankr.
M.D. Tenn. Case No. 23-01321) on April 12, 2023, with as much as
$50,000 in assets and $500,001 to $1 million in liabilities. Judge
Randal S. Mashburn oversees the case.
Steven L. Lefkovitz, Esq., at Lefkovitz & Lefkovitz, PLLC is the
Debtor's legal counsel.
CLOVIS ONCOLOGY: Unsecured Note Claims to Recover 10.1% to 26%
--------------------------------------------------------------
Clovis Oncology, Inc., et al., submitted a Revised First Amended
Disclosure Statement with Respect to the First Amended Joint
Chapter 11 Plan of Liquidation dated April 20, 2023.
The overall purpose of the Plan is to provide for the liquidation
of the Debtors in a manner designed to maximize recovery to
stakeholders.
Generally, the Plan provides the following:
* Holders of Allowed DIP Facility Claims shall receive their
Pro Rata Share of the Upfront FAP Payment and DIP Financing Cash in
accordance with the terms of the Plan on the Effective Date. To the
extent the Upfront FAP Payment and DIP Financing Cash are
insufficient to pay DIP Facility Claims in full, any Remaining DIP
Facility Claims shall be converted on a dollar-for dollar basis
into CVRs in accordance with the Plan and the CVR Agreement, and
shall be entitled to, on a first priority basis, the Net FAP
Proceeds until repaid in full;
* Holders of Allowed Prepetition Financing Claims shall
receive their Pro Rata Share of the Net Rubraca Proceeds and
Rubraca Cash in accordance with the terms of the Plan. Any
remaining deficiency claim arising thereunder will be treated as
Allowed Prepetition Deficiency Claims;
* Holders of Unsecured Note Claims shall receive their Pro
Rata Share of the GUC CVRs;
* Holders of U.S. General Unsecured Claims shall receive the
Pro Rata Share of the GUC CVRs they are entitled to receive under
the Liquidation Trust Agreement;
* No recovery to the holders of U.K. General Unsecured Claims
or Ireland Unsecured Claims on account of their respective Claims
and Interests;
* Payment in full of all Allowed Administrative Expense
Claims, Fee Claims, U.S. Trustee Fees, Other Secured Claims,
Priority Tax Claims and Priority Non-Tax Claims;
* No recovery to the holders of Existing Securities Law
Claims, Interests, Intercompany Claims or Intercompany Interests on
account of their respective Claims and Interests;
* Funding of a Liquidation Trust pursuant to the Wind-Down
Budget to govern the liquidation of the Debtors' estates and
remaining assets following the Effective Date; and
* Distributions under the Plan shall be funded from Cash on
hand and the proceeds of the Sales Transactions that are received
before, on, or after the Effective Date.
Class 4 consists of Unsecured Note Claim. Each holder of an
Unsecured Note Claim is entitled to vote to accept or reject the
Plan. Each holder of an Allowed Unsecured Note Claims shall receive
in full satisfaction, settlement, and release of, and in exchange
for such Allowed Unsecured Note Claims its Pro Rata Share of the
GUC CVRs. The amount of claim in this Class total $447,900, 000.
This Class will receive a distribution of 10.1% to 26.0% of their
allowed claims.
Class 5A consists of the U.S. General Unsecured Claims. Each holder
of a U.S. General Unsecured Claim is entitled to vote to accept or
reject the Plan. Each holder of an Allowed U.S. General Unsecured
Claim shall receive in full satisfaction, settlement, and release
of, and in exchange for such Allowed U.S. General Unsecured Claim
its Pro Rata Share of the GUC CVRs. The amount of claim in this
Class total $241,600,000 to $304,900,0004. This Class will receive
a distribution of 10.1% to 26.0% of their allowed claims.
Class 5B consists of U.K. General Unsecured Claims. Holders of U.K.
General Unsecured Claims shall not receive or retain any
distribution under the Plan on account of such U.K. General
Unsecured Claims. The amount of claim in this Class total
$191,500,000 to $237,600,000.
Class 5C consists of Ireland General Unsecured Claims. Holders of
Ireland General Unsecured Claims shall not receive or retain any
distribution under the Plan on account of such Ireland General
Unsecured Claims. The amount of claim in this Class total
$191,300,000 to $237,300,000.
Class 7 consists of Existing Interest. Existing Interests shall be
extinguished, cancelled and released on the Effective Date, and
holders thereof shall not receive any Distribution on account of
such Existing Interests.
Class 8B consists of Intercompany Interests. On or after the
Effective Date, all Intercompany Interests shall be adjusted,
continued, settled, reinstated, discharged, or eliminated, in each
case to the extent determined to be appropriate by the Debtors or
the Liquidation Trustee (as applicable).
Distributions under the Plan shall be funded from Cash on hand and
the proceeds of the Sales Transactions that are received before,
on, or after the Effective Date.
Co-Counsel to the Debtors:
Rachel C. Strickland, Esq.
Andrew S. Mordkoff, Esq.
Erin C. Ryan, Esq.
WILLKIE FARR & GALLAGHER LLP
787 Seventh Avenue
New York, NY 10019-6099
Telephone: (212) 728-8000
Facsimile: (212) 728-8111
E-mail: rstrickland@willkie.com
amordkoff@willkie.com
eryan@willkie.com
- and -
Robert J. Dehney, Esq.
Andrew R. Remming, Esq.
Matthew O. Talmo, Esq.
MORRIS, NICHOLS, ARSHT & TUNNELL LLP
1201 North Market Street, 16th Floor, P.O. Box 1347
Wilmington, DE 19899-1347
Telephone: (302) 658-9200
Facsimile: (302) 658-3989
E-mail: rdehney@morrisnichols.com
aremming@morrisnichols.com
mtalmo@morrisnichols.com
About Clovis Oncology
Clovis Oncology, Inc., is an American pharmaceutical company, which
mainly markets products for treatment in oncology. The company is
based in Boulder, Colo.
Clovis Oncology and its affiliates sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bank. D. Del. Lead Case No.
22-11292) on Dec. 11, 2022. In the petition signed by Paul E.
Gross, executive vice president and general counsel, Clovis
Oncology disclosed $319,164,834 in assets and $754,564,457 in
liabilities.
Judge J. Kate Stickles oversees the cases.
The Debtors tapped Morris Nichols Arsht and Tunnell, LLLP and
Wilkie Farr & Gallagher, LLP as bankruptcy counsels; Alixpartners,
LLP as financial advisor; Perella Weinberg Partners, LP as
investment banker; and Ernst & Young, LLP as tax services provider.
Kroll Restructuring Administration, LLC is the claims, noticing and
solicitation agent.
The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors in the Debtors' cases. The committee tapped
Morrison & Foerster, LLP as lead bankruptcy counsel; Potter
Anderson & Corroon, LLP as Delaware counsel; Alvarez & Marsal North
America, LLC as financial advisor; and Jefferies, LLC as investment
banker.
CLUB AT MEXICO: Taps Nabors and Sidrony as Independent Assessor
---------------------------------------------------------------
The Club at Mexico Beach Home Owners' Association, Inc. seeks
approval from the U.S. Bankruptcy Court for the Northern District
of Florida to employ Nabors and Sidrony, LLC.
The Debtor needs an independent assessor to determine the maximum
feasible assessment (MFA) in its mediated settlement agreement with
Mitnor Corporation, doing business as Servpro of the Seacoast.
Katie Sidrony, CPA, a member of Nabors and Sidrony, will be billed
at her hourly rate of $175.
The retainer fee is $2,000.
Ms. Sidrony disclosed in a court filing that her firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Katie Sidrony, CPA
Nabors and Sidrony, LLC
Telephone: (850) 496-9615
Email: sidrony@naronycpa.com
About The Club at Mexico Beach
Home Owners' Association
The Club at Mexico Beach Home Owners' Association, Inc. is a
non-profit homeowners' association in Mexico Beach, Fla.
The Club at Mexico Beach Home Owners' Association filed a petition
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D.
Fla. Case No. 22-50024) on March 14, 2022, with as much as $10
million in both assets and liabilities. Jodi D. Dubose serves as
the Subchapter V trustee.
The Debtor tapped David Jennis, PA, doing business as Jennis Morse
Etlinger, as legal counsel; Boggs Law Group, PA as special
litigation counsel; Roberson & Associates, PA as accountant; BNL
Construction Services, LLC as construction general project manager;
and 4our Seasuns, LLC as community association manager.
COPPER MECHANICAL: June 6 Plan Confirmation Hearing Set
-------------------------------------------------------
On April 7, 2023, Copper Mechanical, Inc., filed with the U.S.
Bankruptcy Court for the Eastern District of New York a Revised
Second Amended Disclosure Statement for the Chapter 11 Plan of
Reorganization.
On April 23, 2023, Judge Nancy Hershey Lord approved the Disclosure
Statement and ordered that:
* June 6, 2023 at 3:00 P.M. is the hearing to consider
confirmation of the Plan.
* May 30, 2023, is fixed as the last day for filing and
serving written objections to confirmation of the Plan.
* May 30, 2023, is fixed as the last day for filing and
serving ballots to be counted as votes.
* June 2, 2023, is fixed as the last day for Counsel for the
Debtor to file a ballot tally and an affidavit and/or brief in
support of confirmation.
A copy of the order dated April 23, 2023 is available at
https://bit.ly/3V3tCxy from PacerMonitor.com at no charge.
Attorney for the Debtor:
Alla Kachan, Esq.
2799 Coney Island Ave, Suite 202
Brooklyn, NY 11235
Tel: (718) 513-3145
Fax: (347) 342-3156
E-mail: alla@kachanlaw.com
About Copper Mechanical
Copper Mechanical, Inc., sought Chapter 11 protection (Bankr.
E.D.N.Y. Case No. 21-41797) on July 12, 2021, listing under $1
million in both assets and liabilities. Judge Nancy H. Lord
oversees the case. The Debtor tapped the Law Offices of Alla
Kachan, PC, as counsel, and Wisdom Professional Services Inc. as
accountant.
COPPER MECHANICAL: Wants Until July 20 to Confirm Plan
------------------------------------------------------
Copper Mechanical, Inc., filed a motion to extend time to confirm a
Chapter 11 Small Business Plan of Reorganization and to approve a
Disclosure Statement.
The Debtor respectfully requests an extension of the time by which
a Plan of Reorganization should be confirmed for an additional 60
days, through and including July 20, 2023.
This third request is not made for the purpose of delay. The third
requested extension of the time period for confirmation is
necessary due to the fact, that the time to confirm a plan is set
to expire on May 21, 2023, the order scheduling a confirmation
hearing has not been yet entered by the Court. Furthermore, in the
event the filed Amended Chapter 11 Plan of reorganization and/or
Disclosure statement are needed to be revised or amended, the
Debtor will need an addition time in order to comply with the
provisions of the Bankruptcy Code.
The requested extension of the time period for confirmation will
allow the Debtor to confirm a Chapter 11 plan without violating the
Bankruptcy Code and to provide a treatment to its Creditors.
It is the Debtor's position that the extension of the time to file
a plan is in the best interest of all Creditors of the Estate and
that the Debtor that he will be able to confirm the proposed Plan
within a reasonable period of time.
The requested extension of the time period for confirmation will
allow the Debtor to confirm a Chapter 11 plan without violating the
Bankruptcy Code and to provide a treatment to its Creditors.
Counsel for the Debtor:
Alla Kachan, Esq.
LAW OFFICES OF ALLA KACHAN, P.C.
2799 Coney Island Avenue, Suite 202
Brooklyn, NY 11235
Tel: (718) 513-3145
About Copper
Mechanical
Copper Mechanical, Inc., sought Chapter 11 protection (Bankr.
E.D.N.Y. Case No. 21-41797) on July 12, 2021, listing under $1
million in both assets and liabilities. Judge Nancy H. Lord
oversees the case. The Debtor tapped the Law Offices of Alla
Kachan, PC as counsel and Wisdom Professional Services Inc. as
accountant.
CORNERSTONE ONDEMAND: S&P Alters Outlook to Neg., Affirms 'B-' ICR
------------------------------------------------------------------
S&P Global Ratings revised its outlook on learning and people
development software provider Cornerstone OnDemand Inc. to negative
from stable and affirmed its 'B-' issuer credit rating.
The negative outlook reflects S&P's expectation that Cornerstone
will generate large negative FOCF and decrease liquidity in 2023.
S&P said, "We expect Cornerstone to continue to generate FOCF
deficit of more than $70 million in 2023 on higher interest
expense, unvested RSU cash payments, and additional cost-saving
investments. Cornerstone's cash flow deficit was $80 million in
2022, as it had increased interest expense, large unvested RSU cash
payments, and public to private leveraged buyout (LBO) cost savings
hampering FOCF generation. However, if we added back the large
unvested RSU cash payments to FOCF, Cornerstone would have
generated positive FOCF for the year.
"We expected FOCF generation to improve in 2023 as one-time costs
rolled off and unvested RSU cash payments decreased to offset the
increase in interest expense. However, we now expect that FOCF
deficit will be around the same area as 2022, more than $70 million
in 2023. Cornerstone's profitability is being weighed down by
ongoing cost-savings and restructuring expenses and investments
into information technology (IT) infrastructure. The 2023 FOCF
deficit compares to our forecast for cash flow at the time of
Cornerstone's LBO in the second half of 2021 at $175 million. The
two largest factors that account for the difference are a $150
million increase in interest expense and a $75 million decrease in
EBITDA, relative to our original forecast. Even if we added back
the lower unvested RSU cash payments, Cornerstone's FOCF would
still be negative in 2023.
"We now consider Cornerstone's ability to generate positive FOCF
after debt service in 2024 as less certain because we believe that
interest expense will stay elevated and a tougher macroeconomic
environment will persist. While we expect unvested RSU cash
payments to become minimal and some costs to roll off such that we
project it can improve EBITDA to generate modestly positive FOCF in
2024, we believe that Cornerstone's management team will need
strong execution on its business performance to improve
profitability such that it can manage the high amounts of debt on
its capital structure. We do note that Cornerstone has seen its
first quarter of 2023 revenue overperform compared to its budget,
which shows Cornerstone should be growing to its plan. However, if
there are additional headwinds to its business operations from a
tougher macroeconomic environment or persistent elevated
restructuring costs or cost-saving expenses, we believe that could
cause Cornerstone's FOCF after debt service to stay limited or
negative in 2024, which could warrant a downgrade.
"Cornerstone will see total liquidity decrease to an area that
could create additional liquidity issues in 2024 or beyond. Due to
the expected large negative FOCF generation in 2023, we believe
there could be liquidity issues in 2024. Cornerstone has been very
aggressive with its financial policy since the LBO, as it made two
acquisitions in the 2022 using balance sheet cash and revolver
draw. As of year-end 2022, Cornerstone had over $200 million of
total liquidity. However, given our expectation for Cornerstone to
see more than $70 million of negative FOCF generation and pay its
roughly $21 million in debt amortization payments in 2023, we
expect that Cornerstone will need to draw further on its revolver
and use more cash on balance sheet to manage its negative cash
burn. We believe that total liquidity should fall below $115
million as of year-end 2023."
If there are additional headwinds to profitability such that
restructuring costs or cost-savings expenses stay elevated and
macroeconomic headwinds causes Cornerstone to have low to negative
growth, it could face liquidity issues in 2024. Cornerstone
historically has seen large working capital use in second quarter
of the fiscal year due to payment to its vendors and suppliers. If
Cornerstone has not improved profitability, that large working
capital use could cause total liquidity to fall significantly by
end of second quarter of 2024. If there is another year of negative
FOCF in 2024, there might be little cushion in liquidity for
mandatory debt amortization payments of around $21 million over the
next couple of years.
S&P said, "The negative outlook reflects our expectation that
Cornerstone will generate large negative FOCF and decrease
liquidity in 2023. While Cornerstone has strong recurring revenue,
adequate liquidity, no near-term maturities and is expected to
improve EBITDA, we believe there is risk that Cornerstone can face
additional business operations or macroeconomic headwinds that hurt
its profitability such that Cornerstone underperforms our forecast
in 2024.
"We could lower the rating if we believe Cornerstone's capital
structure is unsustainable. This could be due to continued
restructuring cost or cost saving expenses, macroeconomic
headwinds, or competitive pressures such that Cornerstone sees
negative FOCF after debt service and LBO expenses. We could also
consider a downgrade if total liquidity approaches $75 million.
"We could look to revise our outlook on Cornerstone if it can
generate positive free operating cash flow after debt service and
LBO costs and sustain leverage below 12x area, inclusive of
preferred equity, through the tougher macroeconomic environment and
it's cost savings plan. This could occur if Cornerstone was able to
improve its profitability through the cost savings plan and
restructuring without causing disruptions to the business
operations."
ESG credit indicators: E-2, S-2, G-3
S&P said, Governance factors are a moderately negative
consideration in our credit rating analysis of the company, as is
the case for most rated entities owned by private-equity sponsors.
We believe Cornerstone OnDemand Inc.'s highly leveraged financial
risk profile points to corporate decision-making that prioritizes
the interests of its controlling owners following close of its LBO.
This also reflects private-equity owners' generally finite holding
periods and focus on maximizing shareholder returns."
CORRECTIONAL IMAGING: Seeks to Hire Barron & Newburger as Counsel
-----------------------------------------------------------------
Correctional Imaging Services, LLC seeks approval from the U.S.
Bankruptcy Court for the Western District of Texas to employ Barron
& Newburger, PC as its counsel.
The firm will render these services:
(a) advise the Debtor of its rights, powers, and duties;
(b) review the nature and validity of claims asserted against
the Debtor's property and advise concerning the enforceability of
such claims;
(c) prepare legal papers;
(d) advise and prepare responses to legal papers;
(e) advise concerning the formulation, negotiation, and
promulgation of a plan of reorganization and related documents;
(f) perform all other legal services for the Debtor; and
(g) work with professionals retained by other parties in
interest in this case.
The hourly rates of the firm's counsel and staff are as follows:
Stephen Sather, Esq. $550
Other Attorneys $175 - $475
Legal Assistants $40 - $100
The firm will also seek reimbursement for expenses incurred.
The firm received a retainer of $5,000 from the Debtor.
Stephen Sather, Esq., an attorney at Barron & Newburger, disclosed
in a court filing that the firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Stephen W. Sather, Esq.
Barron & Newburger, PC
7320 N. MoPac Expy., Ste. 400
Austin, TX 78731
Telephone: (512) 476-9103
Facsimile: (512) 279-0310
Email: ssather@bn-lawyers.com
About Correctional Imaging Services
Correctional Imaging Services, LLC, a company in San Marcos, Texas,
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. W.D. Texas Case No. 23-10252) on April 14, 2023. In the
petition signed by Stephen R. Nelson, member, the Debtor disclosed
$123,937 in total assets and $1,467,222 in total liabilities.
Judge H. Christopher Mott oversees the case.
Stephen W. Sather, Esq., at Barron & Newburger, PC represents the
Debtor as legal counsel.
CORRIDOR MEDICAL: Seeks to Hire Barron & Newburger as Counsel
-------------------------------------------------------------
Corridor Medical Services, Inc. seeks approval from the U.S.
Bankruptcy Court for the Western District of Texas to employ Barron
& Newburger, PC as its counsel.
The firm will render these services:
(a) advise the Debtor of its rights, powers, and duties;
(b) review the nature and validity of claims asserted against
the Debtor's property and advise concerning the enforceability of
such claims;
(c) prepare legal papers;
(d) advise and prepare responses to legal papers;
(e) advise concerning the formulation, negotiation, and
promulgation of a plan of reorganization and related documents;
(f) perform all other legal services for the Debtor; and
(g) work with professionals retained by other parties in
interest in this case.
The hourly rates of the firm's counsel and staff are as follows:
Stephen Sather, Esq. $550
Other Attorneys $175 - $475
Legal Assistants $40 - $100
The firm will also seek reimbursement for expenses incurred.
The firm received a retainer of $20,000 from the Debtor.
Stephen Sather, Esq., an attorney at Barron & Newburger, disclosed
in a court filing that his firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Stephen W. Sather, Esq.
Barron & Newburger PC
7320 N. MoPac Expy., Ste. 400
Austin, TX 78731
Telephone: (512) 476-9103
Facsimile: (512) 279-0310
Email: ssather@bn-lawyers.com
About Corridor Medical Services
Corridor Medical Services, Inc., formed on March 8, 1996, provided
x-ray, laboratory, ultrasound/doppler echocardiograms,
electrocardiogram (EKG) and polymerase chain reaction services to
patients that are restricted in travel. Corridor has currently
restricted its services to mainly portable x-ray and EKG services.
Its website is located at https://www.corridormobile.com./, with a
mailing address of P.O. Box 643, San Marcos, TX 78667.
Corridor Medical Services sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 23-10251) on April
14, 2023, with up to $10 million in both assets and liabilities.
Stephen R. Nelson, president of Corridor Medical Services, signed
the petition.
Judge Shad Robinson oversees the case.
Stephen W. Sather, Esq., at Barron & Newburger, P.C., represents
the Debtor as legal counsel.
CRANE MAN: Subchapter V Plan Confirmed by Judge
-----------------------------------------------
Judge B. McKay Mignault has entered an order confirming the
Subchapter V Plan of Reorganization of Crane Man, Inc.
The United States Trustee Office observed the Debtor's projected
income and expenses did not leave for sufficient dollars o fully
pay the plan at the beginning of the plan and that pleading further
advised the court that the principals of the Debtor, Joyce Clegg
and Steven Clegg had represented to the United States Trustee
Office, through their counsel, that if necessary, they would defer
payment of their salary if paying themselves interfered with them
making full regular payments, as proposed by the chapter 11 plan of
reorganization in this subchapter V case.
The court confirmed the plan, based, in part, on the
representations made on the record that the principals of the
Debtors pledge to do so. Based upon that clarification and upon the
recommendation by Joe Supple, the subchapter V trustee, the court
finds that the Debtor's plan is reasonable, and that the Debtor has
met its burden of demonstrating that the plan is feasible.
The court further finds that, since an impaired class of secured
creditors has voted for confirmation, that this plan is confirmed
pursuant to Section 1129(a) of the Bankruptcy Code and that those
requirements have been satisfied. The court specifically finds the
discharge of the Debtor's obligations will take place upon the
completion of the plan payments and not at the time of the closure
of this case.
A copy of the Plan Confirmation Order dated April 20, 2023 is
available at https://bit.ly/3n4G0AL from PacerMonitor.com at no
charge.
Counsel for Debtor:
Andrew S. Nason, Esq.
Emmett Pepper, Esq.
Pepper and Nason
8 Hale Street
Charleston, WV 25301
Tel: (304) 346-0361
Fax: (304) 346-1054
Email: info@PepperNason.com
About Crane Man
Crane Man, Inc., is a specialized equipment repair company that is
helping heavy equipment operators to meet their needs. The Debtor
filed a Chapter 11 bankruptcy petition (Bankr. S.D. W.Va. Case No.
22-20172) on Nov. 8, 2022, with as much as $1 million in both
assets and liabilities. Judge B. Mckay Mignault oversees the case.
The Debtor is represented by Pepper and Nason.
CWI CHEROKEE: Gets OK to Hire Scott Galanti, CPA as Accountant
--------------------------------------------------------------
CWI Cherokee LF, LLC received approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ Scott Galanti,
a practicing accountant in Atlanta, Ga.
The Debtor requires an accountant to prepare payroll documents and
monthly operating reports and perform other accounting and
bookkeeping services during the course of its Chapter 11 case.
The accountant will be paid at the rate of $900 per week.
As disclosed in court filings, Mr. Galanti is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
Mr. Galanti can be reached at:
Scott W. Galanti, CPA
4715 Brinkley Ln NE
Atlanta, GA 30342
About CWI Cherokee LF
CWI Cherokee LF, LLC is an Atlanta-based company that provides
waste treatment and disposal services.
CWI Cherokee LF filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No.
23-52262) on March 7, 2023, with $10 million to $50 million in both
assets and liabilities.
Judge Sage M. Sigler oversees the case.
The Debtor tapped John A. Christy, Esq., at Schreeder, Wheeler &
Flint, LLP as bankruptcy counsel; Burr & Forman, LLP as special
environmental counsel; Mazzone & Associates, LLC as financial
advisor; and Scott Galanti, CPA as accountant.
DIOCESE OF ALBANY: U.S. Trustee Appoints Creditors' Committee
-------------------------------------------------------------
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Chapter 11 case of The Roman
Catholic Diocese of Albany, New York.
The committee members are:
1. Jerry Adach
2. Jim DeGroff
3. Randal Hebert
4. Tina O'Hanlon
5. Angela Stewart
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About The Roman Catholic Diocese of Albany
The Roman Catholic Diocese of Albany is a religious organization in
Albany, N.Y. It covers 13 counties in Eastern New York, including a
portion of a 14th county. Its Mother Church is the Cathedral of the
Immaculate Conception in the city of Albany.
New York's Child Victims Act, which took effect in August 2019,
temporarily sets aside the usual statute of limitations for
lawsuits to give victims of childhood sexual abuse a year to pursue
even decades-old claims. Hundreds of new lawsuits have been filed
against churches and other institutions since the law took effect
on Aug. 14, 2019.
Facing the financial weight of new sexual misconduct lawsuits, at
least four of the eight Roman Catholic dioceses in the state, has
already sought Chapter 11 protection. The dioceses that have
declared bankruptcy include the Diocese of Rochester and the
Diocese of Rockville Centre on Long Island.
The Catholic Diocese of Albany sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 23-10244) on
March 15, 2023. In the petition filed by Fr. Robert P. Longobucco,
the Debtor estimated assets between $10 million and $50 million and
liabilities between $50 million and $100 million.
Judge Robert E. Littlefield, Jr. oversees the case.
The Debtor tapped Nolan Heller Kauffman, LLP as bankruptcy counsel;
Tobin and Dempf, LLP as special litigation counsel; and Keegan
Linscott & Associates, PC as financial advisor. Donlin, Recano &
Company, Inc. is the claims and noticing agent.
DIOCESE OF ALBANY: U.S. Trustee Appoints Tort Committee
-------------------------------------------------------
The U.S. Trustee for Region 2 appointed an official committee to
represent tort claimants in the Chapter 11 case of The Roman
Catholic Diocese of Albany, New York.
The tort committee members are:
1. John Ciota
2. Jean C. Horgan
3. Robert Lee
4. Anthony Damato
5. Michael Edie
6. Rick Salamone
7. Michael LaPointe
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About The Roman Catholic Diocese of Albany
The Roman Catholic Diocese of Albany is a religious organization in
Albany, N.Y. It covers 13 counties in Eastern New York, including a
portion of a 14th county. Its Mother Church is the Cathedral of the
Immaculate Conception in the city of Albany.
New York's Child Victims Act, which took effect in August 2019,
temporarily sets aside the usual statute of limitations for
lawsuits to give victims of childhood sexual abuse a year to pursue
even decades-old claims. Hundreds of new lawsuits have been filed
against churches and other institutions since the law took effect
on Aug. 14, 2019.
Facing the financial weight of new sexual misconduct lawsuits, at
least four of the eight Roman Catholic dioceses in the state, has
already sought Chapter 11 protection. The dioceses that have
declared bankruptcy include the Diocese of Rochester and the
Diocese of Rockville Centre on Long Island.
The Catholic Diocese of Albany sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 23-10244) on
March 15, 2023. In the petition filed by Fr. Robert P. Longobucco,
the Debtor estimated assets between $10 million and $50 million and
liabilities between $50 million and $100 million.
Judge Robert E. Littlefield, Jr. oversees the case.
The Debtor tapped Nolan Heller Kauffman, LLP as bankruptcy counsel;
Tobin and Dempf, LLP as special litigation counsel; and Keegan
Linscott & Associates, PC as financial advisor. Donlin, Recano &
Company, Inc. is the claims and noticing agent.
EAGLE PROPERTIES: Files for Chapter 11 Bankruptcy
-------------------------------------------------
Eagle Properties and Investments LLC filed for chapter 11
protection in the Eastern District of Virginia.
The Debtor is a corporation with its principal place of business in
Vienna, Virginia. The Debtor primarily invests in residential real
property, which it either rents or resells. It owns property in
Virginia, Maryland, and Pennsylvania.
According to court filings, Eagle Properties has $14,716,136 in
debt owed to 1 to 49 creditors. The petition states that funds
will be available to unsecured creditors.
A telephonic meeting of creditors under 11 U.S.C. Section 341(a) is
slated for May 11, 2023 at 10:00 a.m. at the Office of the U.S.
Trustee.
About Eagle Properties and Investments
Eagle Properties and Investments, LLC, is a Vienna Va.-based
company engaged in leasing real estate properties. It owns 26
properties valued at $9.37 million.
Eagle Properties and Investments filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va.
Case No. 23-10566) on April 6, 2023, with $9,429,800 in total
assets and $14,716,136 in liabilities. Amit Jain, manager, signed
the petition.
The Debtor is represented by the Law Offices of Sris, P.C. and N D
Greene, PC.
ELITE AEROSPACE: Naylor's Case Remanded to Superior Court
---------------------------------------------------------
In the appealed case captioned as KAREN NAYLOR, as the Chapter 7
bankruptcy trustee for Elite Aerospace Group, Inc., Plaintiff, v.
FEDERAL INSURANCE COMPANY; ACRISURE OF CALIFORNIA, LLC dba
Brakke-Schafnitz Insurance Brokers, LLC; BRAKKE-SCHAFNITZ INSURANCE
BROKERS, LLC; RICHARD STEVEN BRAKKE; and DOES 1 through 10,
Defendants, Case No. 8:22-cv-02280-JWH-ADS, (C.D. Cal.), Judge John
W. Holcomb of the U.S. District Court for the Central District of
California grants the motion to remand filed by Karen Naylor, as
the Chapter 7 bankruptcy trustee for Debtor Elite Aerospace Group,
Inc.
In November 2022, Karen Naylor filed this lawsuit against the
Defendants Federal Insurance Company, Richard Brakke, Acrisure of
California, and Brakke-Shafnitz Insurance Brokers in the Orange
County Superior Court, claiming that Defendants failed to use
reasonable care in procuring the policy for Elite Aerospace Group,
Inc. The Defendants removed the action to this Court in December
2022, citing 28 U.S.C. Section 1334 as the basis for federal
question jurisdiction.
Now, Naylor asks the Court to remand the instant action to Orange
County Superior Court. Naylor argues that Defendants' removal under
28 U.S.C. Section 1334 was improper, or at least that equitable
remand is warranted under 28 U.S.C. Section 1452(b).
Brakke outlines the main thrust of his Opposition that Naylor's
Complaint against Federal Insurance may implicate Brakke's
procurement of the Policy for Elite and that "if Federal makes
claims against the Brakke Parties. . . for any responsibility
Federal claims that the Brakke Parties had for Elite's alleged
fraud upon Federal, the Brakke Parties will likely. . . assert
equitable indemnity and fraud claims against Elite." Brakke assumes
that these claims "will likely require" relief from the 11 U.S.C.
Section 362 stay in Elite's underlying bankruptcy case.
Federal Insurance opposes remand by arguing that the recoveries
that Naylor seeks through her Complaint would be paid to the
creditors in the pending Chapter 7 bankruptcy case and that it
would be more efficient to maintain the action in federal court.
But Federal Insurance does not discuss with any depth the
underlying Elite Bankruptcy Case, nor does Federal Insurance
mention any ongoing efforts by Elite's creditors or even who the
creditors are in the Elite Bankruptcy Case. It is also notable that
Federal Insurance did not mention any potential claims that it was
considering filing against Brakke.
Judge Holcomb finds that Brakke's anticipation of crossclaims or
counterclaims -- that may require adjudication by a bankruptcy
court of the applicability of 11 U.S.C. Section 362 -- is
insufficient to warrant federal jurisdiction. Because Federal
Insurance fails to identify precisely what issues in the underlying
bankruptcy case necessitate federal jurisdiction over Naylor's
state-court action, Judge Holcomb concludes that equitable remand
is appropriate. Likewise, Judge Holcomb determines that there are
no existing or pending adversary actions in the Elite Bankruptcy
Case that militate against remand in the instant action.
A full-text copy of the Order dated April 3, 2023, is available
https://tinyurl.com/2evaj8ub from Leagle.com.
About Elite Aerospace Group
Elite Aerospace Group, Inc., is an Irvine, Calif.-based company
that designs and manufactures aerospace components.
Elite Aerospace Group filed a petition for Chapter 11 protection
(Bankr. C.D. Calif. Lead Case No. 21-12231) on Sept. 13, 2021,
listing as much as $50 million in both assets and liabilities.
Zeeshawn Zia, president, signed the petition. Its subsidiaries
filed their voluntary Chapter 11 petitions on Oct. 5, 2021. Judge
Theodor C. Albert oversees the cases.
The Debtors tapped Levene, Neale, Bender, Yoo & Brill, LLP as
bankruptcy counsel; K&L Gates, LLP and Hart David Carson, LLP as
special counsel; Three Twenty-One Capital Partners, LLC as
investment banker; and Force Ten Partners, LLC as restructuring
advisor. Brian Weiss, a partner at Force Ten Partners, is the
Debtors' chief restructuring officer.
On Oct. 5, 2021, the U.S. Trustee for Region 15 appointed an
official committee of unsecured creditors. The committee tapped
Buchalter, a Professional Corporation, as its bankruptcy counsel.
ENPARK LANDSCAPE: Taps Larson & Zirzow as Legal Counsel
-------------------------------------------------------
Enpark Landscape, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Nevada to employ Larson & Zirzow, LLC as its
legal counsel.
The Debtor requires legal counsel to:
(a) prepare legal papers in connection with the administration
of the Debtor's bankruptcy estate;
(b) take all necessary or appropriate actions in connection
with a Chapter 11 plan of reorganization and all related documents,
and such further actions as may be required in connection with the
administration of the Debtor's estate;
(c) take all necessary actions to protect and preserve the
Debtor's estate, the negotiation of disputes in which the Debtor is
involved, and the preparation of objections to claims filed against
the Debtor's estate; and
(d) perform all other necessary legal services in connection
with the prosecution of the Chapter 11 case.
The firm will be paid at these rates:
Matthew C. Zirzow, Attorney $600 per hour
Patricia Huelsman, Paralegal $275 per hour
In addition, the firm will receive reimbursement for work-related
expenses incurred.
Prior to the petition date, the firm was paid by the Debtor the
total sum of $6,189 in the ordinary course of business. The firm
currently holds a balance of $23,811 in its trust account as of the
petition date as security to apply against potential future legal
fees and costs during the pendency of the case.
Matthew Zirzow, Esq., an attorney at Larson & Zirzow, disclosed in
a court filing that his firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Matthew C. Zirzow, Esq.
Zachariah Larson, Esq.
Larson & Zirzow, LLC
850 E. Bonneville Ave.
Las Vegas, NE 89101
Telephone: (702) 382-1170
Facsimile: (702) 382-1169
Email: mzirzow@lzlawnv.com
zlarson@lzlawnv.com
About Enpark Landscape
Enpark Landscape, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 23-11145) on March
27, 2023, with up to $500,000 in assets and up to $1 million in
liabilities. Aurelien Castronovo, a member of Enpark, signed the
petition.
Judge August B. Landis oversees the case.
Larson & Zarzow, LLC is the Debtor's legal counsel.
EQUISEK INC: Unsecureds Will Get 100% of Claims in 3 Years
----------------------------------------------------------
Equisek, Inc. filed with the U.S. Bankruptcy Court for the District
of Massachusetts a Subchapter V Plan of Reorganization dated April
20, 2023.
The Debtor's business involves renting its inventory of business
class computer and audio-visual equipment to corporate vendors for
use in large scale events such as trade shows. The Debtor provides
rental services to clients and venues throughout the U.S.
The Debtor was formed in March of 2014 by Ralph Tirro. Mr. Tirro
originally owned 100% of the Debtor. Pursuant to a First Stock
Purchase Agreement and a Key Employee Shareholder Stock Restriction
and Buy-Sell Agreement, dated on or about February 17, 2019, Tirro
transferred 19% of the Debtor to Shiva Rampersad. In addition, the
Debtor and Rampersad entered into an Employment Agreement,
governing the terms of Rampersad's employment with the Debtor (the
"Employment Contract").
Prior to the Petition Date, the Debtor had remained substantially
current in paying obligations to its creditors, including its
secured creditors and the taxing authorities. The only exception
was with respect to payments to Rampersad under the Employment
Contract. As of the Petition Date, Mr. Rampersad asserted that he
was owed over $400,000.00 in unpaid compensation under the
Employment Contract. As a result, Mr. Rampersad asserted claims
against the Debtor, and against Tirro individually, under the
Massachusetts Wage Act and other claims (the "Rampersad Claims").
The Plan is intended to allow the Debtor to remain in business and
return to positive cash flow. The Plan contemplates: (i) the full
satisfaction of all Allowed Administrative and Priority Claims;
(ii) the full satisfaction of the Allowed Secured Claims of UniBank
for Savings, the U.S. Small Business Administration and Citizens
Bank, N.A.; and (iii) that the Debtor's net disposable income to be
received in the 36-month period following Effective Date of the
Plan will be submitted to payment of a 100% dividend to Allowed
General Unsecured Claimants
The Plan proposes to pay General Unsecured Claimants a dividend, on
account of such Claims, of 100% over the life of the Plan based on
the Debtor's net disposable income as projected in the Budget,
which is more than such Claimants would receive if the Debtor's
assets were liquidated.
Class 4 consists of the general unsecured Claims against the
Debtor. Based upon the Proofs of Claim that have been filed and the
Debtor's Schedules, the Debtor estimates that there will be
approximately $107,000.00 in Allowed Class 4 Claims (assuming the
Second Stipulation with Rampersad is allowed).
In full and complete settlement, satisfaction and release of all
Allowed Class 4 Claims, each holder of an Allowed Class 4 Claim
shall receive its pro rata share of all of the Debtor's projected
net disposable income over the three-year period following the
Effective Date. Based on the attached Budget, the Debtor projects
that the total distribution to Class 4 Claimants will be 100% of
such Allowed Class 4 Claims, to be paid as follows:
* each holder of an Allowed Class 4 Claim who is entitled to
receive a total distribution under the Plan in an amount equal to
or less than $400.00 (a "De Minimis Claimant") shall be paid such
distribution in the form of a one-time lump sum cash payment on the
Effective Date; and,
* each holder of an Allowed Class 4 Claim who is entitled to
receive a total distribution under the Plan in an amount exceeding
$400.00 shall: (a) be paid such distribution in deferred cash
payments, over a period of 36 months from the Effective Date, with
such deferred payments to be made in 12 quarterly installments
beginning in the third quarter of 2023; or (b) may elect instead to
be treated as a De Minimis Claimant by voluntarily agreeing to
reduce the total distribution to which such holder is entitled to a
maximum amount of $400.00 in full an final satisfaction of such
holder's Allowed Class 4 Claim (a "Voluntary Di Minimis Claimant").
Class 4 is impaired.
Class 5 consists of Equity Interests. Equity interest holders of
the Debtor shall receive no distribution under the Plan on account
of such interests, but will retain unaltered the legal, equitable
and contractual rights to which such interests were entitled as of
the Petition Date, except to the extent such interests are altered
under this Plan or the Confirmation Order, or by a prior Bankruptcy
Court Order. As of the Petition Date, Ralph Tirro and Shiva
Rampersad were the only equity interest holders of the Debtor.
Subject to Bankruptcy Court approval, Ralph Tirro will become the
sole equity interest holder of the Debtor under the terms of the
Second Stipulation. Class 5 is unimpaired.
The Plan will be funded from the Debtor's future disposable income.
Upon the Effective Date, the Debtor is authorized to take all
action permitted by law, including, without limitation, to use its
cash and other assets for all purposes provided for in the Plan and
in its business operations, and to borrow funds and to transfer
funds for any legitimate purpose.
A full-text copy of the Subchapter V Plan dated April 20, 2023 is
available at https://bit.ly/3Ao0BDh from PacerMonitor.com at no
charge.
Debtor's Counsel:
David B. Madoff, Esq.
Steffani M. Pelton, Esq.
Madoff & Khoury, LLP
124 Washington Street
Foxboro, MA 02035
Phone: 508-543-0040
Email: madoff@mandkllp.com
About Equisek Inc.
Equisek, Inc. specializes in daily, weekly and monthly rentals of
computer and audio visual technology. The company is based in
Marlborough, Mass.
Equisek filed its voluntary petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. D. Mass. Case No. 23-40048) on Jan. 20,
2023, with $432,840 in assets and $1,066,463 in liabilities. Ralph
Tirro, president of Equisek, signed the petition.
David B. Madoff, Esq., at Madoff & Khoury, LLP, is serving as the
Debtor's legal counsel.
FARR LABORATORIES: Taps Alliance Administration as Consultant
-------------------------------------------------------------
Farr Laboratories, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to employ Alliance
Administration, LLC as consultant.
The firm's services include business planning; sales, production
and logistics strategy; and systems and efficiency management.
The firm will be paid $15,000 per month.
David Reinstein, a member of Alliance Administration, disclosed in
a court filing that his firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
David Reinstein
Alliance Administration, LLC
15332 Antioch Street, Suite 586
Pacific Palisades, CA 90272
About Farr Laboratories
Farr Laboratories, LLC is in the vitamin/supplement business. The
company is based in Santa Monica, Calif.
Farr Laboratories sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 23-10347) on March 23,
2023, with up to $500,000 in assets and up to $10 million in
liabilities. Frederick Reinstein, a member of Farr Laboratories,
signed the petition.
Judge Karen B. Owens oversees the case.
The Debtor tapped Daniel K. Astin, Esq., at Ciardi Ciardi & Astin
as legal counsel and Alliance Administration, LLC as consultant.
FLOOR STORE: Seeks to Hire Honey Law Firm as Bankruptcy Counsel
---------------------------------------------------------------
The Floor Store, LLC seeks approval from the U.S. Bankruptcy Court
for the Western District of Arkansas to employ Honey Law Firm, PA
as its counsel.
The firm will render these services:
(a) advise and consult with the Debtor concerning questions
arising in the conduct of the administration of the estate and
concerning its rights and remedies with regard to the estate's
assets and claims of secured, priority and unsecured creditors and
other parties in interest;
(b) appear for; prosecute, defend, and represent the Debtor's
interest in adversary proceedings and/or contested matters arising
in or related to this case;
(c) investigate and prosecute preference and other actions
arising under the Debtor's avoiding powers;
(d) assist in the preparation of such pleadings, motions,
notices, and orders as are required for the orderly administration
of this estate and consult with and advise the Debtor in connection
with the operation of or termination of the operation of its
business;
(e) assist in the preparation of a plan of reorganization and
present the plan to this court for approval and confirmation; and
(f) undertake all other necessary and appropriate legal
representation of the Debtor in this proceeding.
The hourly rates of the firm's counsel and staff are as follows:
Marc Honey $350
Jennifer Wyse $225
Alexandra Honey $175
Paralegals $125
Prior to the filing of its Chapter 11 case, the Debtor paid the
firm the sum of $60,000.
Jennifer Wyse, Esq., an attorney at Honey Law Firm, disclosed in a
court filing that her firm is a "disinterested person" as defined
in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Jennifer Wyse, Esq.
Honey Law Firm, PA
P.O. Box 1254
Hot Springs, AR 71902
Telephone: (501) 321-1007
Email: mhoney@honeylawfirm.com
About The Floor Store
The Floor Store, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Ark. Case No. 23-70401) on March 28,
2023, with as much as $1 million in both assets and liabilities.
Judge Bianca M. Rucker oversees the case.
Jennifer Wyse, Esq., at Honey Law Firm, PA serves as the Debtor's
counsel.
FORREST CONCRETE: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Forrest Concrete, LLC
79 Mackinlay Way
Ridgeland, SC 29936
Business Description: The Debtor is a concrete contractor
specializing in residential and commercial
polished concrete, pervious concrete, and
stamped concrete.
Chapter 11 Petition Date: April 24, 2023
Court: United States Bankruptcy Court
District of South Carolina
Case No.: 23-01171
Judge: Hon. Elisabetta Gm Gasparini
Debtor's Counsel: W. Harrison Penn, Esq.
MCCARTHY, REYNOLDS & PENN, LLC
1517 Laurel Street
PO Box 11332 (29211)
Columbia, SC 29201
Tel: 803 771 8836
Email: hpenn@mccarthy-lawfirm.com
Total Assets: $724,975
Total Liabilities: $2,987,912
The petition was signed by Michael P. Forrest as managing member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/RB4VAKY/Forrest_Concrete_LLC__scbke-23-01171__0001.0.pdf?mcid=tGE4TAMA
FULL SPECTRUM: Taps Lefkovitz & Lefkovitz as Legal Counsel
----------------------------------------------------------
Full Spectrum Pediatric Therapy, Inc. seeks approval from the U.S.
Bankruptcy Court for the Middle District of Tennessee to employ
Lefkovitz & Lefkovitz, PLLC as its legal counsel.
The firm's services include:
a. advising the Debtor as to its rights, duties and powers;
b. preparing and filing statements and schedules, Chapter 11
plans and other documents;
c. representing the Debtor at hearings, meetings of creditors,
conferences, trials, and any other proceedings; and
d. performing other necessary legal services in connection
with the Debtor's Chapter 11 case.
The firm will be paid at these rates:
Steven L. Leftkovitz $525 per hour
Associates $350 per hour
Paralegals $125 per hour
In addition, the firm will receive reimbursement for its
out-of-pocket expenses.
The retainer is $15,000.
Steven Leftkovitz, Esq., a partner at Lefkovitz & Lefkovitz,
disclosed in a court filing that his firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Steven L. Lefkovitz, Esq.
Lefkovitz & Lefkovitz, PLLC
908 Harpeth Valley Place
Nashville, TN 37221
Tel: (615) 256-8300
Fax: (615) 255-4516
Email: slefkovitz@lefkovitz.com
About Full Spectrum Pediatric Therapy
Full Spectrum Pediatric Therapy, Inc. filed a Chapter 11 bankruptcy
petition (Bankr. M.D. Tenn. Case No. 23-01220) on April 5, 2023,
with as much as $1 million in both assets and liabilities. Judge
Marian F. Harrison oversees the case.
The Debtor is represented by Steven L. Lefkovitz, Esq., at
Lefkovitz & Lefkovitz, PLLC.
GABHALTAIS TEAGHLAIGH: Synergy Says Disclosure Statement Deficient
------------------------------------------------------------------
Synergy Funding, LLC, objects to the Disclosure Statement filed by
Gabhaltais Teaghlaigh LLC.
Prior to the Petition Date, on or about October 9, 2018, the Debtor
and Synergy entered into a Loan Agreement whereunder the Debtor
borrowed $1,000,000 (the "Loan") from Synergy. Also on that date,
Dr. Virginia Hung, the principal of the Debtor, entered into and
executed an Unlimited Personal Guaranty (the "Guaranty") in favor
of Synergy in furtherance of the Loan.
Prior to the Petition Date, the Debtor defaulted under the Loan
for, among other occurrences, failure to make payment to Synergy of
amounts due under the Promissory Note when due. Accordingly,
Synergy conducted a foreclosure sale and sold the Mortgaged
Premises, leaving a deficiency under the Promissory Note. Several
hours later, also on June 15, 2022—and after the foreclosure sale
had been completed—the Debtor filed its bankruptcy petition.
Notwithstanding the foreclosure sale of the subject properties, the
Debtor and Hung remain liable for a deficiency in the amount of
$110,078.28, together with, to the extent applicable, interest at
the default rate of 23%, as well as expenses, costs, and legal
fees, which have also accrued and continue to accrue on this
indebtedness.
Synergy contends that the Debtor's proposed Disclosure Statement is
woefully deficient by any measure, both with respect to the claim
of Synergy and to the requirements of the Bankruptcy Code.
Synergy claims that the Debtor fails to provide sufficient
narrative to understand the reasons for the bankruptcy filing, the
prepetition financial activities of the Debtor, or the postpetition
efforts of the Debtor to form its plan and to reorganize. The
Debtor fails to disclose the amount of the proceeds, whether there
any claims asserted against the proceeds, and the amount and
priority of claims the Debtor proposes to pay from those proceeds.
More disturbingly, Exhibit A also references alleged cash
contributions to the Debtor by Hung which the Debtor proposes to
repay. The claims of Hung, if any, represent insider claims and
potentially equity contributions. Unfortunately, it is impossible
to determine the amount or nature of the claims, as the Debtor
fails to disclose when, how, and in what amounts contributions were
made by Hung, or when, how, and in what amounts payments will be
made to Hung.
Synergy asserts that the Debtor's proposed strategy assumes, with
no legal expense whatsoever and no risk of loss or adverse result,
a complete recovery against Synergy and the buyer, the sale of the
subject properties at specific amounts (without any explanation of
the basis for these amounts), and unrealistic net proceeds.
Synergy further asserts that the Disclosure Statement provides no
meaningful description of the Debtor's claims against Synergy or
any other party or any counterclaims, leaving creditors the task of
parsing other deficient filings and trying to determine for
themselves whether there is merit, and, if so, value, and, if so,
what that value might be.
A full-text copy of Synergy's objection dated April 20, 2023 is
available at https://bit.ly/43VhjY9 from PacerMonitor.com at no
charge.
Attorneys for Synergy:
Alex F. Mattera, Esq.
Pierce Atwood LLP
100 Summer Street, 22nd Floor
Boston, MA 02110
Telephone: (617) 488-8112
Email: amattera@pierceatwood.com
About Gabhaltais Teaghlaigh
Gabhaltais Teaghlaigh, LLC, is a real estate rental company that
immediately prior to the petition date, owned 6 residential or
commercial properties.
Gabhaltais Teaghlaigh sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 22-10839) on June
15, 2022. In the petition filed by Virginia Hung, as member,
Gabaltais Teaghlaigh LLC listed under $50,000 in both assets and
liabilities.
The case is assigned to Judge Christopher J. Panos.
David G. Baker, Esq., at Baker Law Offices is the Debtor's counsel.
GENESIS GLOBAL: Taps Grant Thornton as Tax Services Provider
------------------------------------------------------------
Genesis Global Holdco, LLC and its affiliates seek approval from
the U.S. Bankruptcy Court for the District of Delaware to employ
Grant Thornton, LLP to provide additional tax services.
The firm will render these services:
(a) meeting with the Debtors and/or their service providers to
discuss status, questions, recommendations and/ or conclusions;
(b) review and comment on bankruptcy documents, draft sales
agreements and/or other transaction related agreements;
(c) with respect to the tax basis of the balance sheet, (i)
calculate the tax basis of assets (except stock in subsidiaries)
held by the Debtors and their subsidiaries and (ii) review the
allocation of consolidated net operating losses and general
business credit carryforwards to the Debtors and their subsidiaries
under Treasury Regulation Section 1.1502-21;
(d) analyze subsidiary stock basis;
(e) analyze attribute reduction;
(f) to the extent necessary, (i) calculate the taxable gain
(loss) on any sale of assets in connection with the Chapter 11
cases and (ii) analyze whether any realized taxable gain (loss) is
capital or ordinary in nature for income tax purposes;
(g) analyze intercompany transactions;
(h) analyze the applicability of section 382(l)(5)/(l)(6)
related to any ownership changes and, to the extent requested,
review any historic section 382 analysis prepared by DCG related to
historic ownership shifts occurring prior to the Chapter 11 cases;
(i) assess the availability of alternative transactions and
structures;
(j) perform state income tax analysis; and
(k) prepare written technical documentation with conclusions
and technical support of such conclusions.
The hourly rates of the firm's professionals are as follows:
Partner $980
Managing Director $935
Senior Manager $860
Manager $750
Senior Associate $600
Associate $370
Intern $95
In addition, the firm will seek reimbursement for expenses
incurred.
Brian Angstadt, a managing director at Grant Thornton, disclosed in
a court filing that the firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Brian Angstadt
Grant Thornton LLP
171 N. Clark St., Suite 200
Chicago, IL 60601
Telephone: (312) 856-0200
Facsimile: (312) 602-8099
About Genesis Global Holdco
Genesis Global Holdco, LLC, through its subsidiaries, and Global
Trading, Inc., provide lending and borrowing, spot trading,
derivatives and custody services for digital assets and fiat
currency.
Genesis Global Capital, LLC (GGC) and Genesis Asia Pacific PTE.
LTD. (GAP) provide lending and borrowing, spot trading, derivatives
and custody services for digital assets and fiat currency. Genesis
Global Holdco, LLC owns 100% of GGC and GAP.
Genesis Global Holdco, LLC, GGC and GAP each filed a voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-10063) on Jan. 19, 2023. The cases are
pending before the Honorable Sean H. Lane.
At the time of the filing, Genesis Holdco reported $100 million to
$500 million in both assets and liabilities.
Genesis Holdco is a sister company of Genesis Global Trading, Inc.
("GGT") and 100% owned by Digital Currency Group, Inc. ("DCG").
GGT, DCG and certain of the Holdco subsidiaries are not included in
the Chapter 11 filings. The non-debtor subsidiaries include Genesis
UK Holdco Limited, Genesis Global Assets, LLC, Genesis Asia (Hong
Kong) Limited, Genesis Bermuda Holdco Limited, Genesis Custody
Limited ("GCL"), GGC International Limited ("GGCI"), GGA
International Limited, Genesis Global Markets Limited, GSB 2022 II
LLC, GSB 2022 III LLC and GSB 2022 I LLC.
The Debtors tapped Cleary Gottlieb Steen & Hamilton, LLP as
bankruptcy counsel; Morrison Cohen, LLP as special counsel; Alvarez
& Marsal Holdings, LLC as financial advisor; and Moelis & Company,
LLC as investment banker. Kroll Restructuring Administration, LLC
is the Debtors' claims and noticing agent and administrative
advisor.
The ad hoc group of creditors is represented by Kirkland & Ellis,
LLP and Kirkland & Ellis International, LLP. The ad hoc group of
Genesis lenders is represented by Proskauer Rose, LLP.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped White & Case, LLP as bankruptcy counsel; Houlihan
Lokey Capital, Inc. as investment banker; Berkeley Research Group,
LLC as financial advisor; and Kroll as information agent.
GRANDOTE INVESTMENTS: Taps Scout Realty as Real Estate Broker
-------------------------------------------------------------
Grandote Investments TN, LLC seeks approval from the U.S.
Bankruptcy Court for the Middle District of Tennessee to employ
Scout Realty to market its real property located at 1811 Beechwood
Ave., Nashville, Tenn.
The firm will get a flat fee commission in the amount of $10,000 in
connection with the procured sale of the property.
Jonathan Harris, a real estate agent at Scout Realty, disclosed in
a court filing that his firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Jonathan Harris
Scout Realty
110 30th Ave. S.
Nashville, TN
Telephone: (615) 868-9000
Email: office@scoutrealty.com
About Grandote Investments TN
Grandote Investments TN LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No.
23-01052) on March 23, 2023, with $10 million to $50 million in
assets and $1 million to $10 million in liabilities. Brian Layton,
a member of Grandote, signed the petition.
Judge Randal S. Mashburn presides over the case.
R. Alex Payne, Esq., at Dunham Hildebrand, PLLC represents the
Debtor as counsel.
GWG HOLDINGS: Fine-Tunes Plan Documents; Plan Hearing June 15
-------------------------------------------------------------
GWG Holdings, Inc., et al., submitted a Disclosure Statement for
the Further Modified Second Amended Joint Chapter 11 Plan dated
April 20, 2023.
The proposed Second Amended Plan seeks to achieve an orderly wind
down of the Debtors' Estates that maximizes the value of all estate
assets.
The proposed Second Amended Plan is the culmination of more than
nine months of investigations and related diligence into the
Debtors' assets by the Debtors' Independent Directors and their
advisors, and hard-fought postpetition negotiations regarding the
structure of the Second Amended Plan that resulted in a settlement
(the "Mediated Settlement") supported by the Debtors, the
Bondholder Committee, and LBM (the Bondholder Committee and LBM
being referred to herein as the "Creditor Proponents").
Mr. Brad K. Heppner, Beneficient Company Holdings, L.P., and the
Beneficient Company Group, L.P., each of whom is a potential
defendant in litigation that may be pursued by the Litigation
Trust, vigorously dispute the merits of the allegations made with
respect to the Retained Causes of Action and in the Bondholder
Complaint as well as the valuations ascribed to those alleged
claims in the Disclosure Statement.
Mr. Heppner's counsel has put forth Mr. Heppner's position, in
which Beneficient Company Holdings L.P. and Beneficient Company
Group, L.P. join, in a letter attached hereto as Exhibit D. For the
avoidance of doubt, the Debtors, the Investigations Committee, and
the Bondholder Committee do not adopt or agree in any way with the
statements or arguments contained in that letter. However, as
directed by the Bankruptcy Court in order to resolve certain
objections to this Disclosure Statement, such letter is attached
hereto as Exhibit D.
Following the Ad Hoc Broker/Dealer Committee's filing of the AHC
Objection, the Debtors continued to engage with the Ad Hoc
Broker/Dealer Committee regarding the Second Amended Plan and
related disclosure statement. On April 17, 2023, the Debtors, the
Bondholder Committee, and the Ad Hoc Broker/Dealer Committee
reached an agreement under the Second Amended Plan that fully
resolves any claims that the Ad Hoc Broker/Dealer Committee could
assert for making a substantial contribution to these Chapter 11
Cases, and in connection therewith, the Debtors have agreed to pay
the actual and reasonable fees and expenses of the Ad Hoc
Broker/Dealer Committee not to exceed $1,000,000 on the Effective
Date of the Second Amended Plan.
Allowed AHC Substantial Contribution Claim
In full and final resolution of any claims that the Ad Hoc
Broker/Dealer Committee could assert for making a substantial
contribution to these Chapter 11 Cases, the Debtors agree to pay
the actual and reasonable fees and expenses of the Ad Hoc
Broker/Dealer Committee not to exceed $1,000,000.
Any Entity that requests compensation or expense reimbursement for
making a substantial contribution in the Chapter 11 Cases pursuant
to Bankruptcy Code sections 503(b)(3), (4), and (5) (except with
respect to the Allowed AHC Substantial Contribution Claim) must
File an application and serve such application on counsel to the
Debtors or the Wind Down Debtors, as applicable, and the Bondholder
Committee and as otherwise required by the Bankruptcy Court, the
Bankruptcy Code, and the Bankruptcy Rules, on or before the Claims
Bar Date applicable to Administrative Claims.
Like in the prior iteration of the Plan, Class 4(a) consists of
General Unsecured Claims. Each Holder of an Allowed General
Unsecured Claim shall receive its pro rata share of the New Series
B WDT Interests. The allowed unsecured claims total $20,278,288.
This Class will receive a distribution of 8.5% to 21.9% of their
allowed claims.
The Wind Down Trustee shall make an initial Cash distribution to
holders of New WDT Interests consisting of the Net Cash Proceeds,
if any, within 60 days after the Effective Date, and on a
semi-annual basis thereafter to the extent of any Net Cash
Proceeds; provided, that the Wind Down Trustee may, in its sole
discretion, make additional special distributions to the extent of
any Net Cash Proceeds available; provided, further, that, in each
instance, no distribution shall be required unless the Net Cash
Proceeds then held by the Wind Down Trustee is equal to or greater
than the Minimum Distribution Amount of $15,000,000 in Cash.
The Bankruptcy Court has scheduled the Confirmation Hearing for
June 15, 2023 at 1:30 p.m.
The Bankruptcy Court has established May 31, 2023 at 11:59 p.m. as
the deadline to object to Confirmation of the Second Amended Plan.
The Voting Deadline is May 31, 2023 at 4:00 p.m.
A full-text copy of the Disclosure Statement dated April 20, 2023
is available at https://bit.ly/3mS0ddf from Donlinrecano, the
claims agent.
Co-Counsel for the Debtors:
Matthew D. Cavenaugh, Esq.
Kristhy M. Peguero, Esq.
JACKSON WALKER LLP
1401 McKinney Street, Suite 1900
Houston, TX 77010
Telephone: (713) 752-4200
E-mail: kpeguero@jw.com
mcavenaugh@jw.com
Counsel for the Debtors:
Charles S. Kelley, Esq.
MAYER BROWN LLP
700 Louisiana Street, Suite 3400
Houston, TX 77002-2730
Telephone: (713) 238-3000
E-mail: ckelley@mayerbrown.com
- and -
Thomas S. Kiriakos, Esq.
Louis S. Chiappetta, Esq.
Jamie R. Netznik, Esq.
Lisa Holl Chang
Joshua R. Gross, Esq.
Jade Edwards, Esq.
71 S. Wacker Drive
Chicago, IL 60606
Telephone: (312) 782-0600
E-mail: tkiriakos@mayerbrown.com
lchiappetta@mayerbrown.com
jnetznik@mayerbrown.com
lhollchang@mayerbrown.com
jgross@mayerbrown.com
jedwards@mayerbrown.com
- and -
Adam C. Paul, Esq.
Lucy F. Kweskin, Esq.
Ashley Anglade, Esq.
1221 Avenue of the Americas
New York, NY 10020-1001
Telephone: (212) 506-2500
E-mail: apaul@mayerbrown.com
lkweskin@mayerbrown.com
aanglade@mayerbrown.com
About GWG Holdings
Headquartered in Dallas Texas, GWG Holdings, Inc. (NASDAQ: GWGH)
conducts its life insurance secondary market business through a
wholly-owned subsidiary, GWG Life, LLC, and GWG Life's wholly owned
subsidiaries.
GWG Holdings Inc. and affiliates sought Chapter 11 bankruptcy
protection (Bankr. S.D. Texas Lead Case No. 22-90032) on April 20,
2022. In the petition filed by Murray Holland, president and chief
executive officer, GWG Holdings disclosed between $1 billion and
$10 billion in both assets and liabilities.
Judge Marvin Isgur oversees the cases.
The Debtors tapped Mayer Brown, LLP and Jackson Walker, LLP as
bankruptcy counsels; Tran Singh, LLP as special conflicts counsel;
FTI Consulting, Inc. as financial advisor; and PJT Partners, LP as
investment banker. Donlin Recano & Company is the Debtors' notice
and claims agent.
National Founders LP, a debtor-in-possession (DIP) lender, is
represented by Michael Fishel, Esq., Matthew A. Clemente, Esq., and
William E. Curtin, Esq., at Sidley Austin, LLP.
The U.S. Trustee for Region 7 appointed an official committee to
represent bondholders in the Debtors' cases. The committee tapped
Akin Gump Strauss Hauer & Feld, LLP and Porter Hedges, LLP as legal
counsels; Piper Sandler & Co. as investment banker; and
AlixPartners, LLP as financial advisor.
HARTWICK COLLEGE: S&P Lowers Long-Term Revenue Bond Rating to 'BB'
------------------------------------------------------------------
S&P Global Ratings lowered its long-term rating on Hartwick
College, N.Y.'s revenue debt to 'BB' from 'BB+'.
The outlook is stable.
"The downgrade reflects our view of Hartwick's recent enrollment
declines, declining demand metrics, and pressured operations
despite consistent elevated endowment draws," said S&P Global
Ratings credit analyst Beth Bishop.
The stable outlook reflects S&P's expectation that during the
outlook period, the college's demand profile will at least remain
stable. It is also its expectation that management will work to
improve current full-accrual operating deficits while maintaining
current available resources.
HIGHLAND CARGO: Taps Michael Jay Berger as Bankruptcy Counsel
-------------------------------------------------------------
Highland Cargo Inc. seeks approval from the U.S. Bankruptcy Court
for the Central District of California to employ the Law Offices of
Michael Jay Berger as its bankruptcy counsel.
The firm will render these legal services:
(a) communicate with creditors of the Debtor;
(b) review the Debtor's Chapter 11 bankruptcy petition and all
supporting schedules;
(c) advise the Debtor of its legal rights and obligations in a
bankruptcy proceeding;
(d) work to bring the Debtor into full compliance with
reporting requirements of the Office of the U.S. Trustee;
(e) prepare status reports as required by the court;
(f) respond to any motions filed in the Debtor's bankruptcy
proceeding; and
(g) respond to creditor inquiries;
(h) review proofs of claim filed in the Debtor's bankruptcy
and object to inappropriate claims;
(i) prepare Notices of Automatic Stay in all state court
proceedings in which the Debtor is sued; and
(j) if appropriate, prepare a Chapter 11 Plan of
Reorganization for the Debtor.
The hourly rates of the firm's attorneys and staff are as follows:
Michael Jay Berger, Esq. $595
Sofya Davtyan, Senior Associate Attorney $545
Carolyn M. Afari, Mid-level Associate Attorney $435
Robert Poteete, Mid-level Associate Attorney $435
Angeline Smirnoff, Associate Attorney $395
Senior Paralegals and Law Clerks $250
Bankruptcy Paralegals $200
The firm received a $15,000 retainer.
Michael Jay Berger, Esq., the sole owner of the Law Offices of
Michael Jay Berger, disclosed in a court filing that the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Michael Jay Berger, Esq.
Law Offices of Michael Jay Berger
9454 Wilshire Blvd., 6th Floor
Beverly Hills, CA 90212-2929
Telephone: (310) 271-6223
Facsimile: (310) 271-9805
Email: michael.berger@bankruptcypower.com
About Highland Cargo Inc.
Highland Cargo, Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-11773) on March 24,
2023, with as much as $10 million in both assets and liabilities.
Mandeep Singh, president of Highland Cargo, signed the petition.
Judge Vincent P. Zurzolo oversees the case.
Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger,
is the Debtor's legal counsel.
ILLUMINE MEDSPA: Taps Latham, Luna, Eden & Beaudine as Counsel
--------------------------------------------------------------
Illumine Medspa & Skincare, LLC seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to employ
Latham, Luna, Eden & Beaudine, LLP as its counsel.
The firm will render these services:
(a) advise as to the Debtor's rights and duties in this case;
(b) prepare pleadings related to this case; and
(c) take any and all other necessary action incident to the
proper preservation and administration of this estate.
The hourly rates of the firm's counsel and staff are as follows:
Benjamin Taylor $270
Justin Luna $485
Other Attorneys and Paralegals $105 - $485
Prior to the petition date, the Debtor paid an advance fee of
$12,000 and Humberto A. Liriano paid $7,000.
Benjamin Taylor, Esq., an attorney at Latham, Luna, Eden &
Beaudine, disclosed in a court filing that the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Benjamin R. Taylor, Esq.
Latham, Luna, Eden & Beaudine, LLP
201 S. Orange Ave., Suite 1400
Orlando, FL 32801
Telephone: (407) 481-5800
Facsimile: (407) 481-5801
Email: btaylor@lathamluna.com
About Illumine Medspa & Skincare
Illumine Medspa and Skincare, LLC sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-01229)
on April 3, 2023. In the petition signed by its managing member,
Myriam Louaked, the Debtor disclosed up to $1 million in both
assets and liabilities.
Judge Tiffany P. Geyer oversees the case.
Benjamin R. Taylor, Esq., at Latham Luna Eden & Beaudine LLP,
represents the Debtor as legal counsel.
INDUSTRIAL SCREW: Lender Seeks to Prohibit Cash Collateral Access
-----------------------------------------------------------------
First Guaranty Bank asks the U.S. Bankruptcy Court for the Northern
District of Texas, Dallas Division, to prohibit Industrial Screw
Conveyors, Inc. from using its cash collateral.
As of the Petition Date, the Debtor was in default on multiple
secured obligations owed to First Guaranty Bank.
The Bank says the Debtor has two outstanding secured loans from FGB
on which it has made no payments in approximately 18 months. The
two loans together are secured by all of the Debtor's assets. The
Debtor has allegedly contracted with a newly-formed affiliate to
operate the Debtor's business in a manner calculated to skirt the
restrictions on use of cash collateral imposed by 11 U.S.C. section
363(c)(2).
Synergy Bank, SSB provided a $520,000 US Small Business
Administration loan to the Debtor governed by a Note and related
loan documents executed on January 31, 2014.
The Debtor pledged its accounts and inventory as collateral for its
obligations under the SBA Loan.
Synergy recorded its UCC Financing Statement on January 30, 2014,
perfecting its security interest in the Debtor's accounts and
inventory.
The SBA Loan was modified by agreement between Synergy and the
Debtor on January 30, 2015 and again on October 15, 2015. As a
result of the modifications, the principal amount of the SBA Loan
was increased to $975,000.
In 2017, FGB acquired Premier Bancshares, a holding company for
Synergy.
On May 20, 2020, FGB and the Debtor entered into a Third
Modification and Renewal of Loan, Note and Other Loan Documents,
which references a March 2019 change of ownership of the Debtor
indicating that, as of March 11, 2019, AFB Capital Partners I, LLC
is the sole owner of the Debtor, and William A. Hartley is the sole
owner of AFB.
Hartley and AFB have both guaranteed the SBA Loan.
The Debtor defaulted on the SBA Loan in late 2021, prior to the
Petition Date.
The Debtor scheduled the SBA Loan on Schedule D with a balance of
$896,551 as of the Petition Date. The Debtor did not schedule any
accounts receivable or inventory as collateral.
On January 23, 2014, Synergy loaned the Debtor $9,500,000 governed
by a Promissory Note and related loan documents and backed, in
part, by the US Department of Agriculture.
The Debtor pledged approximately 75 acres of real property in
Johnson County, Texas and all machinery, equipment, furniture,
fixtures, and accessories as collateral for its obligations under
the USDA Loan.
A Deed of Trust was recorded in the real property records for
Johnson County on January 29, 2014 perfecting Synergy's lien on the
Property. An Assignment of Leases and Rents was also recorded in
the real property records for Johnson County on January 29, 2014.
Synergy recorded its UCC-1 on January 24, 2014 perfecting its lien
on the Equipment.
As with the SBA Loan, once AFB acquired the Debtor, both AFB and
Hartley guaranteed the USDA Loan.
The Debtor defaulted on the USDA Loan in late 2021, prior to the
Petition Date.
The Debtor scheduled the USDA Loan on Schedule D with a balance of
$8,687,643 as of the Petition Date, and the Debtor's schedules
acknowledge FGB’s lien on the Property and the Equipment.
At the section 341 meeting of creditors held case on March 15 and
March 20, 2023, Hartley's testimony on behalf of the Debtor
revealed the following:
a. Hartley created an entity named ISC Manufacturing, LLC in
July 2019.
b. ISC is 100% owned and controlled by Hartley.
c. On January 1, 2022, without informing FGB, Hartley began
allowing ISC to use the Debtor's Property and Equipment, which is
FGB's collateral, for manufacturing purposes.
d. Since January 1, 2022, the Debtor has had no operations
other than purportedly leasing the Property and Equipment to ISC.
e. There are two written agreements between the Debtor and ISC
dated on January 1, 2022, both of which are referenced on Schedule
G: (1) a Commercial Lease Agreement; and (2) a Management Services
Agreement.
f. Under the Lease, ISC agreed to pay the Debtor approximately
$100,000 per month.
g. Under the Management Agreement, ISC agreed to pay the
Debtor $20,000 or $25,000 per month for the Debtor's purported
management services.
h. ISC has never paid the Debtor any amounts under either the
Lease or the Management Agreement.
i. The Debtor did not transfer the Property or Equipment to
ISC, rather, the Debtor is letting ISC use the Property and
Equipment for ISC's operations.
j. The Debtor has had no actual income since ISC began
operating in January 2022, and the $1.5 million shown on the
Statement of Financial Affairs No. 1 is on an "accrual basis" -- in
other words, the amount shown is what the Debtor should have
collected from ISC under the two agreements.
FGB has not consented to the use of its cash collateral.
A copy of the motion is available at https://bit.ly/41nINE4 from
PacerMonitor.com.
About Industrial Screw Conveyors
Industrial Screw Conveyors, Inc. is a single asset real estate.
Its business is located at 4133 Conveyor Drive, Burleson, Texas.
Industrial Screw Conveyors filed a petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas Case No.
23-30228) on Feb. 7, 2023, with $1 million to $10 million in assets
and $10 million to $50 million in liabilities. William A. Hartley,
president of Industrial Screw Conveyors, signed the petition.
Judge Scott W. Everett oversees the case.
The Debtor is represented by Hayward, PLLC.
INMET MINING: Seeks to Hire Jackson Kelly as Bankruptcy Counsel
---------------------------------------------------------------
Inmet Mining, LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of Kentucky to employ Jackson Kelly, PLLC as
its counsel.
The firm will render these services:
(a) advise the Debtor with respect to its powers and duties in
the continued management and operation of its businesses and
properties;
(b) attend meetings and negotiate with representatives of
creditors, interest holders, and other parties in interest;
(c) take all necessary action to protect and preserve the
Debtor's estate;
(d) prepare legal papers necessary to the administration of
the Debtor's estate;
(e) represent the Debtor in connection with any additional
needs relating to authority to use cash collateral and obtain
debtor in possession financing;
(f) assist, advise, and represent concerning the resolution of
these proceedings;
(g) advise the Debtor in connection with any potential sale(s)
of assets or stock and taking necessary action to guide the Debtor
through such potential sale(s);
(h) analyze proofs of claim filed against the Debtor and
potential objections to such claims;
(i) analyze executory contracts and unexpired leases and
potential assumptions, assignments, or rejections of such contracts
and leases;
(j) consult with the United States Trustee for the Eastern
District of Kentucky, the Unsecured Creditors Committee, any other
committees appointed in this Chapter 11 Case, and all other
creditors and parties in interest concerning the administration of
this Chapter 11 case;
(k) advise on corporate, litigation, finance, tax, and other
legal matters; and
(l) perform all other necessary legal services for the Debtor
in connection with the Chapter 11 case.
The hourly rates of the firm's counsel and staff are as follows:
Attorneys $265 - $500
Paraprofessionals/Other Time Keepers $100 - $165
In addition, the firm will seek reimbursement for expenses
incurred.
Chacey Malhouitre, Esq., an attorney at Jackson Kelly, disclosed in
a court filing that the firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Mary Elisabeth Naumann, Esq.
Chacey Malhouitre, Esq.
Jackson Kelly PLLC
100 West Main Street, Suite 700
Lexington, KY 40507
Telephone: (859) 255-9500
Email: mnaumann@jacksonkelly.com
chacey.malhouitre@jacksonkelly.com
About Inmet Mining
Inmet Mining, LLC is a company in Knoxville, Tenn., which operates
in the coal mining industry.
Inmet Mining sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Ky. Case No. 23-70113) on April 5, 2023, with $50
million to $100 million in assets and $100 million to $500 million
in liabilities. Jeffrey Strobel, chief restructuring officer,
signed the petition.
Judge Gregory R. Schaaf oversees the case.
Jeffrey Phillips, Esq., at Steptoe & Johnson, PLLC is the Debtor's
legal counsel.
IO2 MEDICAL: Taps Donlin Recano & Co. as Claims and Noticing Agent
------------------------------------------------------------------
IO2 Medical Products, Inc. and its affiliates received approval
from the U.S. Bankruptcy Court for the District of Delaware to
employ Donlin, Recano & Company, Inc. as claims and noticing
agent.
The firm will oversee the distribution of notices and will assist
in the maintenance, processing and docketing of proofs of claim
filed in the Chapter 11 cases of the Debtors.
The Debtors agreed to provide the firm a retainer in the amount of
$50,000.
Nellwyn Voorhies, executive director at Donlin, Recano & Company,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Nellwyn Voorhies
Donlin, Recano & Company, Inc.
48 Wall Street
New York, NY 10016
Telephone: (619) 346-1628
Email: nvoorhies@donlinrecano.com
About SiO2 Medical Products
SiO2 Medical Products, Inc. is a material life sciences company
that is at the precipice of mass-commercialization of its
breakthrough materials science technology that is poised to
revolutionize the pharmaceutical industry. Major pharmaceutical
players are testing the company's vials, syringes, tubes, and other
offerings, and the Company anticipates large-scale adoption in the
relative near term.
SiO2 Medical Products and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 23-10366) on March 29, 2023. In the petition signed by its
chief executive officer, Yves Steffen, SiO2 Medical Products
disclosed $100 million to $500 million in assets and $500 million
to $1 billion in liabilities.
Judge John T. Dorsey oversees the cases.
The Debtors tapped Kirkland Ellis, LLP and Kirkland & Ellis
International, LLP as general bankruptcy counsels; Cole Schotz
P.C.
as local bankruptcy counsel; Alvarez & Marshal North America, LLC
as financial and restructuring advisor; and Lazard as investment
banker. Donlin, Recano and Co., Inc. is the claims, noticing,
solicitation and administrative agent.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by Potter Anderson & Corroon, LLP and
White & Case, LLP.
J.B. POINDEXTER: S&P Affirms 'B+' ICR, Outlook Negative
-------------------------------------------------------
S&P Global Ratings affirmed its 'B+' issuer credit rating on J.B.
Poindexter & Co. Inc., as well as its 'B+' issue-level rating on
the company's senior unsecured debt. The '4' recovery rating is
unchanged.
The negative outlook reflects the risk that operational missteps in
the LEER division and supply chain challenges continue to occur in
2023, causing leverage to remain above 5x.
S&P said, "JBP underperformed relative to our expectations in 2022,
but we believe profitability will improve materially in 2023.
Global supply chain disruptions and increased raw material, labor,
and delivery costs substantially weakened JBP's performance. Most
notably, over the past few years, the global shortage of
semiconductors has caused the original equipment manufacturers
(OEMs) to cut back on production, which has significantly limited
or delayed the delivery of chassis to the company. The chassis
supply issue has been a considerable headwind for the operating
performance of JBP's Morgan division (which manufactures commercial
truck bodies and is its largest segment by revenue), given its
dependence on timely supply.
"JBP has operated with elevated leverage for the current rating for
an extended period. In our opinion, leverage will improve
materially once supply chain headwinds begin to subside. While the
difficult operating conditions have extended well beyond our
original expectations, recent industry news indicates improving
chip supply and chassis availability, which bodes well for JBP. We
believe the improved operating conditions will allow the company to
convert its record backlog to increased revenue and better
profitability. However, risk to our forecast remains, and we could
lower the rating if credit metrics do not improve significantly.
"We expect operating losses at JBP's LEER division to significantly
improve. Aside from supply chain headwinds, LEER had significant
operating losses in 2022 due to operational missteps amidst
depressed demand by customers because of OEM production cuts.
Earlier in 2022, JBP hired third-party consultants to replace the
previous management of LEER. Although we expect senior management
of JBP and the new management of its LEER division to keenly focus
on improving operations and profitability, the timing of a
turnaround is difficult to predict, and we believe the company may
continue to face challenges in 2023."
Despite recent lackluster performance, JBP's robust backlog will
support leverage below 5x as supply chain headwinds subside. JBP's
backlog stood at nearly $1.5 billion as of Dec. 31, 2022, with the
majority (nearly $950 million) coming from its Morgan segment on
the back of chassis unavailability. S&P believes ongoing
improvements in the supply chain will enable the company to improve
credit metrics, assuming it can also turn around its LEER segment.
While the company maintains a robust backlog in several of its
segments, there are pockets of demand softness that are forming
within its smaller pickup and service/utility truck segments. These
segments are exposed to residential construction and consumer
spending, which have experienced demand weakness amid the ongoing
higher interest rate environment. Nonetheless, S&P believes that
overall demand, especially from the electrification of larger fleet
customers, along with a record backlog and improved supply chain
conditions, will support S&P Global Ratings-adjusted leverage of
less than 5x.
JPB's strong cash position and revolver capacity provide ample
liquidity. As of Dec. 31, 2022, the company had $178.6 million of
cash on its balance sheet and $86.8 million of availability under
its revolving credit facility. It also generated solid funds from
operations (FFO) in 2022 despite operational and supply chain
challenges. However, poor earnings performance in 2021 and 2022, as
well as working capital drains and moderate capital expenditure
(capex), led to consecutive years of negative free operating cash
flow (FOCF). S&P expects FOCF to improve materially in 2023 due to
earnings growth and the unwinding of working capital, specifically
inventory.
The negative outlook reflects the risk that operational missteps in
the LEER division and supply chain challenges continue to occur in
2023, causing leverage to remain above 5x.
S&P said, "We could lower our ratings on JBP if we expect its
leverage will remain above 5x over the next few quarters. This
could occur because of continued disruptions to timely chassis
deliveries as well as underperformance in some of the company's
operating segments. We could also lower our ratings if the
company's liquidity position materially deteriorates.
"We could revise our outlook on JBP to stable if it improves its
S&P Global Ratings-adjusted debt to EBITDA below 5x and FOCF to
debt to 5%-10% or higher. This could happen if the company converts
its backlog due to sustained improvement in its supply chain, as
well as an increase in earnings at its LEER division."
ESG credit indicators: E-3, S-2, G-3
S&P said, "Environmental factors are a moderately negative
consideration in our credit rating analysis of JBP due to its
participation in the transportation industry. As a manufacturer
catering to transportation, the company is subject to numerous laws
and regulations relating to the emission of pollutants into the
environment. New environmental regulations or stricter enforcement
of existing regulations could require significant expenditure and
weaken JBP's profitability.
"Governance is a moderately negative consideration in our analysis
because of the company's controlling ownership by John Poindexter.
We believe this points to corporate decision-making that may
prioritize the interests of the controlling owner."
JNJ HOME: Voluntary Chapter 11 Case Summary
-------------------------------------------
Debtor: JNJ Home Health Care, Inc.
326 Livingston Street 3rd Floor
Brooklyn, NY 11217
Business Description: The Debtor is a provider of home healthcare
services.
Chapter 11 Petition Date: April 24, 2023
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 23-41382
Debtor's Counsel: James J. Rufo, Esq.
LAW OFFICE OF JAMES J. RUFO
1133 Westchester Avenue W N202
West Harrison, NY 10604
Tel:(914) 600-7161
Email: jrufo@jamesrufolaw.com
Debtor's
Special
Counsel: Charles A. Higgs, Esq.
LAW OFFICE OF CHARLES A. HIGGS
Total Assets: $1,616,300
Total Liabilities: $3,550,540
The petition was signed by Caren D. Serieux-Bazelais as CEO.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/ORIG56A/JNJ_Home_Health_Care_Inc__nyebke-23-41382__0001.0.pdf?mcid=tGE4TAMA
KING INTERPRETING: Seeks to Hire BransonLaw PLLC as Legal Counsel
-----------------------------------------------------------------
King Interpreting Services, LLC seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to employ
BransonLaw, PLLC as its bankruptcy counsel.
The firm will render these services:
(a) prosecute and defend any causes of action on behalf of the
Debtor;
(b) prepare, on behalf of the Debtor, all necessary legal
papers;
(c) assist in the formulation of a plan of reorganization;
and
(d) provide all other services of a legal nature.
The hourly rates of the firm's attorneys and paralegals range from
$495 to $200.
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the commencement of the Debtor's Chapter 11 case, the firm
received an advance fee payment of $8,988 from Donna Armstrong, on
behalf of the Debtor, for post-petition services and the filing fee
of $1,738.
Jeffrey Ainsworth, Esq., an attorney at BransonLaw, disclosed in a
court filing that his firm is a "disinterested person" as defined
in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Jeffrey S. Ainsworth, Esq.
Jacob D. Flentke, Esq.
Flentke Legal Consulting, PLLC, Of Counsel
BransonLaw, PLLC
1501 E. Concord St.
Orlando, FL 32803
Telephone: (407) 894-6834
Facsimile: (407) 894-8559
Email: jeff@bransonlaw.com
jacob@bransonlaw.com
jacob@flentkelegal.com
About King Interpreting Services
King Interpreting Services, LLC sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-01273) on
April 6, 2023, with as much as $1 million in both assets and
liabilities. Judge Grace E. Robson oversees the case.
BransonLaw, PLLC serves as the Debtor's legal counsel.
LASHER CONSTRUCTION: Subchapter V Plan Confirmed by Judge
---------------------------------------------------------
Judge Jerrold N. Poslusny of the U.S. Bankruptcy Court for the
District of New Jersey has entered an order confirming Small
Business Subchapter V Plan of Reorganization of Lasher Construction
LLC.
The Debtor's Plan is confirmed pursuant to Section 1191(a) of the
Bankruptcy Code, except as modified in accordance with the
paragraphs, numbered two through eight:
Notwithstanding anything in the Plan to the contrary, pursuant to
11 U.S.C. 1183(c)(1), the service of the Subchapter V Trustee shall
automatically terminate upon the Plan's substantial consummation.
Notwithstanding anything to the contrary in the Debtor's Plan,
pursuant to bankruptcy court approval of Debtor's Motion for the
Entry of an Order Pursuant to Fed. R. Bankr. P. 9019 Approving
Compromise and Settlement By and Between the Debtor and Longport
Ocean Plaza Condominium, Inc. (the "Longport Settlement Motion"),
Debtor and Longport Ocean Plaza Condominium, Inc. provide for
mutual release and dismissal of claims, such that no amount will be
paid to Longport through Debtor's Plan of otherwise.
With respect to Proof of Claim No. 5 in the amount of $541,415.82
("Two Kings Claim") filed by Two Kings Company LLC, notwithstanding
anything to the contrary in the Debtor's Plan, and pursuant to
bankruptcy court approval of Debtor's Motion for the Entry of an
Order Pursuant to Fed. R. Bankr. P. 9019 Approving Compromise and
Settlement By and Between the Debtor, Two Kings Company, LLC, and
Lincoln Property Management LLC (the "Two Kings Settlement
Motion"), the Two Kings Claim shall be allowed in the reduced
amount of $441,415.82.
With respect to Proof of Claim No. 9 in the amount of $582,012.06
(the "DP Claim") filed by Dilworth Paxson LLP, notwithstanding
anything to the contrary in the Plan or this Confirmation Order:
* the DP Claim shall be allowed in the reduced amount of
$100,000 and treated together with the Class Four claim holders of
General Unsecured Claims as provided for in the Plan;
* upon the Effective Date of the Plan, the Debtor on behalf of
its subsidiaries and affiliates, and their respective shareholders
interest holders, officers, directors and agents (collectively,
with the Debtor, the "Debtor Releasors") shall be deemed to release
and forever discharge Dilworth, its partners, agents, insurers and
current and former employees and its successors and assigns
(collectively, with Dilworth, the "Dilworth Releasees"), from any
and all disputes, claims, demands, actions and causes of action,
whether at law or in equity, whether or not presently known, and
whether or not capable of proof (collectively, "Claims"), which any
of the Debtor Releasors had, have, may have, claim or assert, now
or hereafter, known or unknown (collectively, "Claims"), against
the Dilworth Releasees, or any of them, by reason of the
transactions, acts taken, omissions, occurrences, or circumstances
that existed prior to or as of the Confirmation Date, constituting
or related to any and all Claims that were or could have been
asserted in connection with and/or in any way relating to any and
all prepetition arbitration proceedings or litigation matters in
which Dilworth represented the Debtor (collectively, the
"Litigation Matters"); and
* upon the Effective Date of the Plan, Dilworth will be
released from and be permitted to immediately withdrawal from its
representation of any of the Debtor Releasors in the Litigation
Matters.
With respect to Class Four claim holders, holders of General
Unsecured Claims, pursuant to the Amended 3-Year Cash Flow
Analysis, as annexed to the Declaration of the Debtor in Support of
Confirmation, Debtor's disposable income shall be increased for a
total distribution to general unsecured creditors in the amount of
$41,941.60.
With respect to Proof of Claim No. 10 for an unknown amount ("Ritz
Condo Claim") filed by Ritz Condominium Association ("Ritz Condo"),
notwithstanding anything to the contrary in the Debtor's Plan, and
subject to bankruptcy court approval of Debtor's Motion for the
Entry of an Order Pursuant to Fed. R. Bankr. P. 9019 Approving
Compromise and Settlement By and Between the Debtor and Ritz
Condominium Association, the Ritz Condo Claim shall be allowed in
the amount of $350,000.00.
A copy of the Plan Confirmation Order dated April 20, 2023 is
available at https://bit.ly/3oCBSIS from PacerMonitor.com at no
charge.
Debtor's Counsel:
David Stevens, Esq.
SCURA, WIGFIELD, HEYER, STEVENS & CAMMAROTA LLP
1599 Hamburg Turnpike
Wayne, NJ 07470
Tel: 201-490-4777
E-mail: dstevens@scura.com
About Lasher Construction
Lasher Construction LLC is a privately-held roofing contractor
serving commercial, industrial, and residential customers. Lasher
sought Chapter 11 protection (Bankr. D.N.J. Case No. 22-18853) on
Nov. 8, 2022.
In the petition signed by Dale M. Lasher, managing member, the
Debtor disclosed $134,916 in assets and $1,844,788 in liabilities.
David Stevens, Esq., of SCURA, WIGFIELD, HEYER, STEVENS & CAMMAROTA
LLP, is the Debtor's counsel.
LAZY J. RANCH: Creditors to Get Proceeds From Liquidation
---------------------------------------------------------
Lazy J. Ranch Corporation filed with the U.S. Bankruptcy Court for
the Western District of Michigan a Plan of Reorganization dated
April 20, 2023.
The debtor is a Michigan Domestic Profit Corporation that has been
in operation since 2018. The debtor was formed, principally, as a
property holding company that would operate, through various
affiliated entities, which would later be sold for a profit.
This bankruptcy filing was prompted as a result of the
precipitation of issues with Honor Credit Union. The Debtor's
principal, Jeremy Chittick, was diagnosed with Cancer and had a
brain tumor which came to light in 2021. The most substantial
portion of the Debtor in Possession's debt, and the Chittick's
debt, happens to be held, but is no longer collateralized, by Honor
Credit Union.
Specifically, the Debtor and the Chitticks are co-obligors on a
commercial line of credit, which was cross collateralized with
multiple mortgages on properties owned by the Debtor in Possession,
and other properties that were owned by the Chitticks. However, all
property that collateralized said obligations has been either
retaken and sold by Honor or lost through foreclosure.
The only properties which are not foreclosed are 5200 M 139, Saint
Joseph, MI 49085 (the "Equestrian Center"), which a 5016 M 163
Investments, LLC ("Vendor") is attempting to forfeit; 627
Manorwood, Benton Harbor, MI 49022; 1305 Kristen Path, Saint
Joseph, MI 49085; and a half-built home at 701 Manorwood, Benton
Harbor, MI 49022 (the "Residential Holdings"); which needs,
according to testimony of Jeremy Chittick, $100,000.00 worth of
work to finish (all properties, collectively, the "Holdings").
This Subchapter V bankruptcy case proposes to pay all of the
debtor's creditors, 100% of their claims from the net cash
available after paying its expenses. Specifically, the Plan,
proposes liquidation of all the Holdings. The plan will, one way or
another, provide 100% to creditors. The plan will propose
liquidation of the Residential Holdings, that alone would still
equate to a 100% distribution.
This plan will additionally propose a litigation trust, regarding
the Equestrian Center, which will procure even more equity for
creditors through, either, liquidation of damages, or the
Equestrian Center (if, as a result of the Adversary Proceeding,
possession and/or consensual sale is achieved).
This Plan of Reorganization proposes to pay creditors of the Debtor
from its liquidation proceeds.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 100 cents on the dollar. This Plan provides for
full payment of administrative expenses and priority claims based
on the estimated amounts.
Class 1 consists of the claim of 5016 M 163 Investments, LLC, in
the estimated amount of $478,000.00; and, the Berrien County
Treasurer in the estimated amount of $11,230.87, to the extent
allowed as a secured claim. These claimants shall receive payment
equivalent to $478,000.00; and $11,230.87, respectively, over the
period post consummation, not to exceed sixty months after the
effective date of the plan, via either liquidation of the
Equestrian Center; and/or, liquidation of the corpus of the
litigation trust, and/or, lastly, liquidation of the Residential
Holdings.
Class 2 consists of the claim(s) of Blossomland Accounting, in the
estimated amount of $1,900.00; Hilger Hammond, in the estimated
amount of $11,000.00; Indiana Michigan Power, in the estimated
amount of $23.76; and, Selective Insurance, in the estimated amount
of $2,394.00; to the extent allowed as a secured claim.
These claimants shall receive of $1,900.00, $11,000.00, $23.76, and
$2,394.00, respectively, over the period post-consummation, not to
exceed sixty months after the effective date of the plan, via
either liquidation of the Equestrian Center; and/or, liquidation of
the corpus of the litigation trust, and/or, lastly, liquidation of
the Residential Holdings.
The reorganized debtor shall fund this plan from liquidation of the
Residential Holdings, and via liquidation of damages of the
Adversary Proceeding regarding the Equestrian Center. The Debtor
shall retain all assets of the bankruptcy estate, until such
Residential Holdings are sold, and such assets shall vest with the
Reorganized Debtor, or as otherwise set out in the Plan regarding
claims and/or Adversary Proceedings.
The Residential Holdings shall be marketed for a period of not less
than 30 days after the submission of this plan. To the extent that
the marketing of 627 Manorwood and 1305 Kristen Path does not
produce an offer of greater than $230,889.65 for 1305 Kristen Path;
and greater than $192,194.72 for 627 Manorwood; then, Debtor will
propose conveyance of the two aforementioned properties to Bruce
and Debbie Lorenz, in satisfaction of their claims.
A full-text copy of the Plan of Reorganization dated April 20, 2023
is available at https://bit.ly/41wHSBj from PacerMonitor.com at no
charge.
Attorneys for Debtor:
Alexander J. Berry-Santoro, Esq.
Maxwell Dunn, PLC
220 S. Main St., Ste. 213
Royal Oak, MI 48067
Tel: (248) 246-1166
Email: aberrysantoro@maxwelldunnlaw.com
About Lazy J. Ranch Corporation
Lazy J. Ranch Corporation is a Michigan Domestic Profit Corporation
that has been in operation since 2018. The Debtor filed a petition
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D.
Mich. Case No. 23-00137) on Jan. 20, 2023. Kelly M. Hagan has been
appointed as Subchapter V trustee.
Maxwell Dunn, PLC serves as the Debtor's legal counsel.
LEGACY CONSTRUCTION: Taps BransonLaw as Bankruptcy Counsel
----------------------------------------------------------
Legacy Construction, Inc. seeks approval from the U.S. Bankruptcy
Court for the Middle District of Florida to employ BransonLaw, PLLC
as bankruptcy counsel.
The Debtor requires legal counsel to:
a. prosecute and defend any causes of action on behalf of the
Debtor and prepare legal papers;
b. assist in the formulation of a Chapter 11 plan of
reorganization; and
c. provide all other services of a legal nature.
The firm will be paid $495 per hour for attorneys, and $200 per
hour for paralegals.
In addition, the firm will seek reimbursement for out-of-pocket
expenses incurred.
Prior to the petition date, the Debtor paid the firm an advance fee
of $6,667.50 for post-petition services and expenses, and the
filing fee of $1,738.
Jeffrey Ainsworth, Esq., an attorney at BransonLaw, PLLC, disclosed
in a court filing that his firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Jeffrey S. Ainsworth, Esq.
BransonLaw, PLLC
1501 E. Concord St.
Orlando, FL 32803
Telephone: (407) 894-6834
Facsimile: (407) 894-8559
Email: jeff@bransonlaw.com
About Legacy Construction
Legacy Construction Inc., doing business as Legacy Custom Built,
specializes in all forms of custom work, providing pre-construction
and construction services including budgeting, architect selection,
design development and problem solving from beginning to end.
Legacy Construction filed a petition for relief under Subchapter V
of Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
23-01157) on March 29, 2023, with total assets of $1,201,766 and
total liabilities of $2,170,351. Jerrett M. McConnell has been
appointed as Subchapter V trustee.
Judge Lori V. Vaughan oversees the case.
The Debtor is represented by Jeffrey S. Ainsworth, Esq., at
BransonLaw, PLLC.
LTL MANAGEMENT: Gets OK to Hire Epiq as Claims and Noticing Agent
-----------------------------------------------------------------
LTL Management, LLC received approval from the U.S. Bankruptcy
Court for the District of New Jersey to hire Epiq Corporate
Restructuring, LLC as its claims and noticing agent,
Epiq will oversee the distribution of notices and will assist in
the maintenance, processing and docketing of proofs of claim filed
in the Chapter 11 cases of the Debtors.
The hourly rates of Epiq's professionals are as follows:
IT/Programming $65 - $65
Case Managers/Consultants/
Directors/Vice Presidents $65 - $100
Solicitation Consultant $200
Executive Vice President, Solicitation $215
As of the petition date, Epiq held a retainer in the amount of
$25,000.
In addition, Epiq will seek reimbursement for expenses incurred.
Kathryn Tran, consulting director at Epiq, disclosed in a court
filing that she is a "disinterested person" as the term is defined
in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Kathryn Tran
Epiq Corporate Restructuring, LLC
777 Third Avenue, 12th Floor
New York, NY 10017
Phone: +1 714 394 6998
Email: ktran@epiqglobal.com
About LTL Management
LTL Management, LLC is a subsidiary of Johnson & Johnson (J&J),
which was formed to manage and defend thousands of talc-related
claims and oversee the operations of Royalty A&M. Royalty A&M owns
a portfolio of royalty revenue streams, including royalty revenue
streams based on third-party sales of LACTAID, MYLANTA/MYLICON and
ROGAINE products.
LTL Management filed a petition for Chapter 11 protection (Bankr.
W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was
transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov.
16, 2021. The Hon. Michael B. Kaplan is the case judge. At the
time of the filing, the Debtor was estimated to have $1 billion to
$10 billion in both assets and liabilities.
The Debtor tapped Jones Day and Rayburn Cooper & Durham, P.A., as
bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon
LLP as special counsel; McCarter & English, LLP as litigation
consultant; Bates White, LLC as financial consultant; and
AlixPartners, LLP as restructuring advisor. Epiq Corporate
Restructuring, LLC, is the claims agent.
An official committee of talc claimants was formed in the Debtor's
Chapter 11 case on Nov. 9, 2021. On Dec. 24, 2021, the U.S.
Trustee for Regions 3 and 9 reconstituted the talc claimants'
committee and appointed two separate committees: (i) the official
committee of talc claimants I, which represents ovarian cancer
claimants, and (ii) the official committee of talc claimants II,
which represents mesothelioma claimants.
The official committee of talc claimants I tapped Genova Burns LLC,
Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its
legal counsel. Meanwhile, the official committee of talc claimants
II is represented by the law firms of Cooley LLP, Bailey Glasser
LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and
Sherman Silverstein Kohl Rose & Podolsky P.A.
Re-Filing of Chapter 11 Petition
On January 30, 2023, a panel of the Third Circuit issued an opinion
directing this Court to dismiss the 2021 Chapter 11 Case on the
basis that it was not filed in good faith. Although the Third
Circuit panel recognized that the Debtor "inherited massive
liabilities" and faced "thousands" of future claims, it concluded
that the Debtor was not in financial distress before the filing.
On March 22, 2023, the Third Circuit entered an order denying the
Debtor's petition for rehearing. The Third Circuit entered an
order denying LTL's stay motion on March 31, 2023, and, on the dame
day, issued its mandate directing the Bankruptcy Court to dismiss
the 2021 Chapter 11 Case.
The Bankruptcy Court entered an order dismissing the 2021 Case on
April 4, 2023.
Johnson & Johnson on April 4, 2023, announced that its subsidiary
LTL Management LLC (LTL) has re-filed for voluntary Chapter 11
bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain
approval of a reorganization plan that will equitably and
efficiently resolve all claims arising from cosmetic talc
litigation against the Company and its affiliates in North
America.
In the new filing, J&J said it has agreed to contribute up to a
present value of $8.9 billion, payable over 25 years, to resolve
all the current and future talc claims, which is an increase of
$6.9 billion over the $2 billion previously committed in connection
with LTL's initial bankruptcy filing in October 2021. LTL also has
secured commitments from over 60,000 current claimants to support a
global resolution on these terms.
MATLINPATTERSON GLOBAL: Amends Plan to Include VarigLog Claims Pay
------------------------------------------------------------------
MatlinPatterson Global Opportunities Partners II L.P., et al.,
submitted a Supplement to the First Amended Disclosure Statement in
connection with solicitation of votes on the Second Amended Plan of
Liquidation dated April 20, 2023.
Debtors commenced these Chapter 11 Cases in an effort to resolve
finally the VRG Claims, the HJDK Claims and the VarigLog Claims
after years of litigation and to permit the Debtors to complete the
winding down of their operations and liquidation of their
investments.
The purpose of the Plan is to provide for the orderly distribution
of the Debtors' Assets to the Holders of Allowed Administrative
Claims, Other Priority Claims, Promissory Note Claims, General
Unsecured Claims, VRG Claims, HJDK Claims, VarigLog Claims and
Partnership Interests.
The administration and execution of the Plan will be managed and
overseen by the Plan Administrator. The Plan Administrator will be
responsible for taking the necessary and appropriate actions to
administer the remaining Assets of the Debtors and the Wind Down
Estates, and to proceed with an orderly, expeditious, and efficient
wind-down and distribution of the remaining Assets of the Debtors
and the Wind Down Estates in accordance with the terms of the Plan.
The Debtors believe that the distributions under the Plan will
provide all Holders of Allowed Claims against and Interests in the
Debtors at least the same recovery on account of Allowed Claims and
Interests as would a liquidation of the Debtors' assets conducted
under chapter 7 of the Bankruptcy Code. In the current
circumstances with settlements having been achieved with VRG, HJDK
and the VarigLog Estate, distributions under the Plan to Holders of
Allowed Claims and Interests would be made more quickly than in
chapter 7.
The changes to the Plan are primarily to incorporate the VarigLog
Estate Settlement, including the following:
* The Plan adds Class 6, which consists of the VarigLog
Claims. The VarigLog Claims are Allowed in an amount equal to the
VarigLog Settlement Amount, and on the Effective Date, shall be
paid in full in Cash with proceeds from the Participating Insurers
Escrow Account, to be funded entirely by the Participating Insurers
party to the VarigLog Estate Settlement. Class 6 is therefore
Unimpaired and deemed to accept the Plan.
* The Plan includes certain modifications necessary to reflect
the VarigLog Estate Settlement, such as removing references to the
previously contemplated disallowance or estimation of the VarigLog
Claims, as well as the elimination of the Disputed Claims Cap.
* The Plan provides for the release of funds in the Defense
Costs Escrow Account in accordance with the VarigLog Estate
Settlement Term Sheet and VarigLog Settlement Order.
* The Plan provides for the release of all Settling Parties
(which include the VarigLog Estate and the Participating Insurers)
and for the Insurer Release. Specifically, the Plan contains the
following releases:
"Released Party" means each of the following, solely in its
capacity as such: (a) the Debtors, (b) the Wind Down Estates, (c)
the Plan Administrator, (d) the Disbursing Agent, (e) the Settling
Parties, which, for the avoidance of doubt, includes VRG, HJDK, the
VarigLog Estate, Zurich and the Participating Insurers; (f) all
Holders of Claims or Interests not described in the preceding
clauses (a) through (e); (g) with respect to preceding clauses (a)
through (f), each such Entity's current and former Affiliates; and
(g) with respect to preceding clauses (a) through (f), each such
Entity's Related Parties; provided, that any Holder of a Claim or
Interest that votes against the Plan (to the extent eligible to
vote), objects to the Plan, or objects to or opts out of the
releases, shall not be a "Released Party".
"Releasing Parties" means each of the following solely in its
capacity as such: (a) each Released Party; (b) each Holder of a
Claim or Interest that is deemed to accept the Plan unless they
validly opt out of, or object to, the releases contained herein;
(c) each Holder of a Claim or Interest who votes to accept the
Plan; (d) each Holder of a Claim or Interest whose vote to accept
or reject the Plan is solicited but who abstains from voting unless
they validly opt out of, or object to, the releases set forth
herein; (e) each Holder of a Claim or Interest who votes to reject
the Plan or is deemed to reject the Plan unless they validly opt
out of, or object to, the releases set forth herein; (f) each
Holder of a Claim or Interest that was given notice of the
opportunity to opt out of, or object to, the releases set forth
herein and who does not validly opt out of, or object to, the
releases set forth herein; and (g) with respect to preceding
clauses (a) through (f), each such Entity's Related Parties.
Class 2 consists of all General Unsecured Claims. Except to the
extent that a Holder of an allowed General Unsecured Claim agrees
to less favorable treatment, each Holder of an Allowed General
Unsecured Claim shall receive, at the applicable Debtor's or the
Plan Administrator's option:
* if such Allowed General Unsecured Claim is due and payable
on or before the Effective Date, payment in full in Cash of the
unpaid portion of its Allowed General Unsecured Claim on the later
of (x) the Effective Date (or as soon as reasonably practicable
thereafter) or (y) the date on which such General Unsecured Claim
becomes Allowed.
* if such Allowed General Unsecured Claim is not due and
payable on or before the Effective Date, payment in full in Cash in
the ordinary course of business consistent with past practices; or
* other treatment, as may be determined by the applicable
Debtor or the Plan Administrator, as applicable, such that such
Allowed General Unsecured Claim shall be rendered Unimpaired.
Class 6 VarigLog Claims. The VarigLog Claims are Allowed in the
VarigLog Estate Allowed Claim Amount. The VarigLog Claims shall not
be subject to any avoidance, reduction, setoff, recoupment,
recharacterization, subordination, defense, disallowance,
reconsideration, impairment, surcharge under section 506(c) of the
Bankruptcy Code, objection, any challenges under applicable law or
regulation, or any other claim or defense. On the Effective Date,
the VarigLog Estate shall receive the VarigLog Settlement Amount,
to be paid in full, in Cash, solely with funds from the
Participating Insurers Escrow Account, in full and final
satisfaction, compromise, settlement, and release and discharge of
the VarigLog Claims.
The purpose of the Wind Down Estates is to monetize and distribute
the Debtors' Assets with no objective to continue or engage in the
conduct of a trade or business. The Plan Administrator shall be
vested with all powers and authority set forth in this Plan, shall
be deemed to have been appointed as the Debtors' Estates'
representative pursuant to section 1123(b)(3)(B) of the Bankruptcy
Code, and shall have the duties of a trustee set forth in sections
704(a)(1), 704(a)(2) and 704(a)(5) of the Bankruptcy Code. All
actions taken by the Plan Administrator in its capacity as such
under this Plan shall be deemed to have been taken on behalf of the
Wind Down Estates.
A copy of the Supplemental Disclosure Statement dated April 20,
2023, is available at https://bit.ly/3AmpiQH from kccllc.net, the
claims agent.
Counsel to the Debtors:
Elisha D. Graff, Esq.
Kathrine A. McLendon, Esq.
Jamie J. Fell, Esq.
Dov Gottlieb, Esq.
SIMPSON THACHER & BARTLETT LLP
425 Lexington Avenue
New York, NY 10017
Tel: (212) 455-2000 Telephone
Fax: (212) 455-2502 Facsimile
- and -
Tyler B. Robinson, Esq.
Lauren W. Brazier, Esq.
SIMPSON THACHER & BARTLETT LLP
CityPoint, One Ropemaker Street
London EC2Y 9HU, England
Tel: +44-(0)20-7275-6500
Fax: +44-(0)20-7275-6592
About MatlinPatterson Global
MatlinPatterson Global Opportunities Partners II L.P. is a private
investment fund structured as limited partnership entity organized
in the State of Delaware.
MatlinPatterson and its affiliates sought Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No 21-11255) on July 6, 2021, disclosing
total assets of $100 million to $500 million and total liabilities
of $10 million to $50 million. The cases are handled by Judge David
S. Jones.
The Debtors tapped Simpson Thacher & Bartlett, LLP as bankruptcy
counsel; Schulte Roth & Zabel, LLP as conflicts counsel; FTS US
Inc. as tax consultant; Ernst & Young, LLP as tax services
provider; and North Country Capital LLC as restructuring advisor.
Matthew Doheny of North Country Capital serves as the Debtors'
chief restructuring officer. Kurtzman Carson Consultants, LLC is
the claims, noticing and administrative agent.
MEHR GROUP: Seeks to Hire Law Offices of Jaenam Coe as Counsel
--------------------------------------------------------------
MEHR Group of Companies Holding, Inc. seeks approval from the U.S.
Bankruptcy Court for the Central District of California to employ
the Law Offices of Jaenam Coe PC as its bankruptcy counsel.
The firm will render these services:
(a) advise the Debtor concerning its rights and powers and
duties under Section 1107 of the Bankruptcy Code;
(b) advise the Debtor concerning the administration of its
case;
(c) prepare on behalf of the Debtor all necessary and
appropriate legal documents to be filed in this case;
(d) advise the Debtor concerning and prepare responses to,
legal papers that may be filed and served in this case;
(e) assist the Debtor in preparing and presenting a Chapter 11
plan of reorganization;
(f) represent the Debtor in any proceeding or hearing in the
Bankruptcy Court involving its estate unless the Debtor is
represented in proceeding or hearing by other special counsel;
(g) counsel and assist the Debtor in claims analysis and
resolution of such matters;
(h) commence and conduct any and all investigation and
litigation necessary or appropriate to assert rights on behalf of
the Debtor or otherwise further the goals of the Debtor in this
case;
(i) represent the Debtor in any litigation commenced by, or
against, the Debtor, provided that such litigation is within the
firm's expertise and subject to a further engagement agreement with
the Debtor;
(j) prepare and assist the Debtor in the preparation of
reports, applications, pleadings, and orders;
(k) assist the Debtor in the negotiation, formulation,
preparation, and confirmation of a plan of reorganization and the
preparation and approval of a disclosure statement with respect to
the plan;
(l) examine claims of creditors in order to determine their
validity; and
(m) perform such other legal services for and on behalf of the
Debtor as may be necessary or appropriate to assist the Debtor in
satisfying its duties under Section 1107 of the Bankruptcy Code.
The hourly rates of the firm's counsel and staff are as follows:
Partners $550
Paralegals $200
In addition, the firm will seek reimbursement for expenses
incurred.
The firm has received a $18,262 pre-bankruptcy retainer from the
Debtor.
Jaenam Coe, Esq., a partner at the Law Offices of Jaenam Coe,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Jaenam J. Coe, Esq.
Law Offices of Jaenam Coe PC
3731 Wilshire Blvd., Suite 910
Los Angeles, CA 90010
Telephone: (213) 389-1400
Facsimile: (213) 387-8778
Email: coelaw@gmail.com
About MEHR Group of Companies Holding
MEHR Group of Companies Holding, Inc., a company in Laguna Hills,
Calif., sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. C.D. Calif. Case No. 23-10760) on April 17, 2023. In
the petition signed by its chief executive officer, S. Javad K.
Mehrvijeh, the Debtor disclosed up to $10 million in assets and up
to $500,000 in liabilities.
Judge Scott C. Clarkson oversees the cases.
The Law Offices of Jaenam Coe PC serves as the Debtor's counsel.
MERIDIAN RESTAURANTS: Will Close 9 Burger Kings in Minnesota
------------------------------------------------------------
Mike Mozart of Flickr reports that weeks after declaring
bankruptcy, a major fast food franchisee, Meridian Restaurants
Unlimited, will be closing Burger Kings across the country --
including nine in Minnesota.
Utah-based Meridian Restaurants Unlimited, which owns 119 Burger
King and Black Bear Diner restaurants in the western U.S., filed
for Chapter 11 bankruptcy protection last March 2023.
According to a Tuesday court filing, the company will close 27
Burger King locations in seven states. The nine Minnesota closures
are below:
* Alexandria (209 Nokomis St.)
* East Grand Forks (926 Central Ave NE.)
* Fergus Falls (528 Western Avenue.)
* Litchfield (21 Depot St.)
* Willmar (1611 E. Hwy 12)
* Long Prairie (205 Lake St.)
* Montevideo (586 SW 1st St.)
* Redwood Falls (516 E Bridge St.)
* Moorhead (100 21st. St. N.)
Meridian has said more closures are "possible, if not likely,"
according to Restaurant Business, which noted that the company has
"struggled with weak sales and weak profitability at a time when
costs have soared."
The publication also says the company is one of two "large-scale
Burger King operators" to file bankruptcy in recent months, along
with a third that closed 26 units in Michigan.
About Meridian Restaurants Unlimited
Meridian Restaurants Unlimited own and operate 118 Burger King
locations in Utah and other states. The South Ogden, Utah-based
company, one of Burger King’s largest franchisees, operates
restaurants in Utah, Montana, Wyoming, North Dakota, South Dakota,
Minnesota, Nebraska, Kansas and Arizona.
Meridian Restaurants Unlimited, LC, and its affiliates sought
relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.
Utah. Lead Case No. 23-20731) on March 2, 2023. In the petition
filed by James Winder, manager for PSCP Meridian, LLC, the Debtor
reports estimated assets and liabilities between $10 million and
$50 million.
Judge Kevin R. Anderson oversees the cases.
The Debtors tapped Ray Quinney & Nebeker PC as counsel and Peak
Franchise Capital, LLC as their financial advisor.
MIA PROCESSING: Creditors to Get Proceeds From Liquidation
----------------------------------------------------------
Mia Processing, LLC, filed with the U.S. Bankruptcy Court for the
Northern District of Illinois a Plan of Liquidation for Small
Business under Subchapter V dated April 18, 2023.
The Debtor is a manager managed Limited Liability Company ("LLC").
The Debtor holds State of Illinois Industrial Hemp Processor
licenses and was engaged in business as an agricultural processor
of industrial hemp with business operations located in Rockdale,
Illinois and Minooka, Illinois.
Prior to filing the Debtor was a party to several lawsuits
including but not limited to MJBC LLC1 v. Burman, et. al, case
number 2020 L 0655 pending in the Circuit Court of Lake County,
Waukegan, Illinois (the "Burman Litigation") and Meinerz v. Mia
Processing LLC, case number 2021 CH 0033 pending in the Circuit
Court of DuPage County, Naperville, Illinois. The Burman Litigation
had become a major distraction, involving counter claims and a
third-party complaint, and a serious threat to the Debtor's
continued business operations with the scheduling of a hearing on
the defendant, Burman, motion seeking the appointment of a
receiver.
The Debtor, as Chapter 11 Debtor In Possession, sought Court
approval of debtor in possession financing to allow it to resume
regular agricultural processing operations. After objections to the
debtor in possession financing were interposed by its 2 largest
unsecured creditors and 2 contingents of equity security holders
the proposed lender withdrew its financing offer and the Debtor was
compelled to withdraw its motion seeking approval of the debtor in
possession financing. Consequently, the Debtor has been unable to
resume its business operations and feels that it is now in the best
interest of creditors to liquidate it assets and distribute the
proceeds thereof to its unsecured creditors.
The Plan Proponent has no ability to make payments under a plan of
reorganization and therefore seeks to liquidate its assets,
including equipment, employee retention credits, note payable,
prosecution of litigation claims and avoidance/fraudulent transfer
actions, through this Plan of Liquidation.
This Plan of Liquidation proposes to pay creditors of the Debtor
from the liquidation of its assets, including prosecution of
litigation claims and avoidance/fraudulent transfer actions.
The Plan provides for payment of 1 class of general unsecured
non-priority claims. Non-priority unsecured creditors holding
allowed claims will receive payment through cash distributions
disbursed by the Liquidating Trustee. This Plan also provides for
the payment of administrative and priority claims.
Class 1 consists of General Unsecured Non-Priority Claims. General
Unsecured Non-Priority Claims shall be paid, pro rata, by the
Liquidating Trustee after payment in full of Administrative Claims
and Priority Claims. Class 1 claims are impaired under the Plan.
Class 2 consist of the equity interests of members. Class 2
Interests shall receive no distribution under the Plan unless Class
1 General Unsecured Non-Priority Claims are paid, in full. In such
event Class 2 interests and claims shall be paid, pro rata.
This Plan is self-executing. Neither the Debtor or the Liquidating
Trustee shall be required to execute any newly created documents to
evidence the claims, liens, or terms of repayment to the holder of
an Allowed Claim.
The Plan shall be funded by proceeds from the Estate's available
cash, cash equivalents, and proceeds generated from the liquidation
of the Debtor's estate.
A full-text copy of the Liquidating Plan dated April 18, 2023 is
available at https://bit.ly/3mQbgnh from PacerMonitor.com at no
charge.
Attorney for the Debtor:
Gregory K. Stern, Esq.
Dennis E. Quaid, Esq.
Monica C. O'Brien, Esq.
Rachel S. Sandler, Esq.
Gregory K. Stern, P.C.
53 West Jackson Boulevard, Suite 1442
Chicago, IL 60604
Phone: (312) 427-1558
Email: greg@gregstern.com
dquaid3@gmail.com
monica@gregstern.com
rachel@gregstern.com
About Mia Processing
Mia Processing, LLC, a company in Rockdale, Ill., filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Ill. Case No. 23-00550) on Jan 16, 2023. In the
petition signed by its manager, Michael Lucia, the Debtor reported
up to $50,000 in assets and $1 million to $10 million in
liabilities.
Judge Timothy A Barnes presides over the case.
The Debtor tapped Gregory K. Stern, Esq., at Gregory K. Stern, P.C.
as bankruptcy counsel and Catalan Caboor & Co. as accountant.
MILLER'S ALE HOUSE: S&P Withdraws 'B-' Issuer Credit Rating
-----------------------------------------------------------
S&P Global Ratings withdrew its ratings on Miller's Ale House Inc.
at the company's request. S&P's issuer credit rating was 'B-' and
the outlook stable at the time of withdrawal.
MOSS CREEK RESOURCES: S&P Upgrades ICR to 'B', Outlook Stable
-------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on U.S.-based
exploration and production company, Moss Creek Resources Holdings
Inc. to 'B' from 'B-'. At the same time, S&P raised its issue-level
ratings on the company's unsecured notes to 'B+' from 'B'; its '2'
recovery rating is unchanged.
The stable outlook reflects S&P's expectation that Moss Creek will
generate free cash flow while maintaining funds from operations
(FFO) to debt of around 60% over the next two years.
S&P said, "Our upgrade reflects Moss Creek's recent debt reduction
through significant free cash flow generation and improved credit
measures. In 2022, Moss Creek fully repaid the outstanding
borrowings under its senior secured revolving credit facility
(around $355 million) and repurchased $70 million of its senior
unsecured notes, reducing total debt by around $424 million. Based
on the debt reduction and incorporating our recently revised oil
and natural gas price assumptions, we now forecast average FFO to
debt about 60% in 2023-2024, along with debt to EBITDA below 1.5x.
At the same time, we expect Moss Creek to generate modest free cash
flow over the next two years."
Given its stronger balance sheet and liquidity profile, Moss
Creek's capital allocation priorities have shifted. With no
near-term maturities and a fully repaid revolving facility, S&P
expects the company to use its excess cash flow toward prudently
financed mergers and acquisitions (M&A), assuming the company is
not subject to near-term liabilities related to its parent.
Moss Creek's size and scale remain small compared with higher-rated
peers. The company had a proved reserve base of around 297 million
barrels of oil equivalent (mmboe) as of Dec. 31, 2022, which was
entirely focused in the Permian basin. Around 68% of its reserves
were oil and 45% were classified as proved undeveloped (PUD). S&P
said, "We view the company's relatively high percentage of PUD
reserves as a risk as they require substantial development capital
to bring to production. However, these risks combined with
geographic concentration partially offset the high proportion of
oil in its reserves and production mix that uplift profitability.
The company's production is also small, with daily production
averaging around 55,000 barrels of oil equivalent (boe) in 2022. We
expect the company to continue running its three-rig program, with
production remaining relatively flat, averaging around
55,000-56,000 boe per day in 2023."
S&P said, "We revised our assessment of management and governance
to weak from fair. We view Moss Creek's transparency as limited due
to its international ownership as the company is 100% owned by
publicly listed Chinese company Shandong Xinchao Energy Co. Ltd.
Recently, an appellate court in China ruled that Xinchao Energy
must pay a fine related to it acting as a guarantor on a loan to an
unaffiliated third party, Huaxiang (Beijing) Investment Co. Ltd.,
which this entity could not repay. The court has set a maximum
total obligation of around $141 million (including court fees),
which we expect to be split between three public companies
including Xinchao. While it remains uncertain how much Xinchao will
have to pay pursuant to the ruling, we anticipate Moss Creek--an
indirect subsidiary of Xinchao--to contribute about a third of that
total obligation (around $47 million). This situation highlights
the lack of transparency and risks related to its foreign
ownership. As a result, we consider management and governance as a
negative factor in our rating assessment.
"The stable outlook reflects our expectations that Moss Creek will
generate free cash flow while maintaining FFO to debt of around 60%
over the next two years. Additionally, it reflects our expectation
that Moss Creek will continue to modestly increase production and
proved reserves as it continues to develop its Permian acreage,
while maintaining adequate liquidity.
"We could lower our rating on Moss Creek if its liquidity
deteriorates or if FFO to debt declines and is sustained below 30%.
This would most likely occur if commodity prices weaken and the
company does not reduce its capital spending, or if its production
materially underperforms our expectations.
"We could raise our rating on Moss Creek if it increases its
production and proved developed reserves to levels more in line
with those of its higher-rated peers while maintaining FFO to debt
comfortably above 45% and adequate liquidity."
ESG credit indicators: To E-4, S-2, G-5; from E-4, S-2, G-4
S&P said, "Environmental factors are a negative consideration in
our rating analysis of Moss Creek as the exploration and production
industry contends with an accelerating energy transition and the
ongoing adoption of renewable energy sources. We believe falling
demand for fossil fuels will lead to declining profitability and
returns for the industry as it fights to retain and regain
investors that seek higher returns." Moss Creek achieved a 55%
reduction in scope 1 greenhouse gas (GHG) intensity since 2019 and
expects to maintain this emissions profile over the next year.
Governance factors are a very negative consideration in our rating
analysis as Moss Creek's transparency is limited due to its
international ownership. Recent litigation highlights the lack of
transparency and risks related to its foreign ownership.
Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:
-- Transparency and reporting
MOUROUX FAMILY: Court OKs Deal on Cash Collateral Access
--------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of California
authorized Mouroux Family Chiropractic, Inc. to use cash collateral
on a final basis in accordance with its agreement with the U.S.
Small Business Administration.
Pre-petition, on May 18, 2020, the Debtor executed an SBA note,
pursuant to which the Debtor obtained a $150,000 loan. The terms of
the Note required the Debtor to pay principal and interest payments
of $731 every month beginning 12 months from the date of the Note
over the 30-year term of the SBA Loan, with a maturity date of May
18, 2050. The SBA Loan has an annual rate of interest of 3.75% and
may be prepaid at any time without notice of penalty.
Pre-Petition, on August 26, 2021, the Debtor and SBA agreed to a
modification of the SBA Loan, pursuant to which the Debtor obtained
a $500,000 loan. The terms of the amended Note require the Debtor
to pay principal and interest payments of $2,009 every month
beginning 24 months from the date of the original Note over the
30-year term of the SBA Loan, with a maturity date of May 18, 2050.
The SBA Loan has an annual rate of interest of 3.75% and may be
prepaid at any time without notice of penalty.
Pursuant to the SBA Loan Authorization and Agreement executed on
May 18, 2020 and amended on August 26, 2021, the Debtor is required
to "use all the proceeds of the Loan solely as working capital to
alleviate economic injury caused by disaster occurring in the month
of January 31, 2020 and continuing thereafter and to pay Uniform
Commercial Code lien filing fees and a third-party UCC handling
charge of $100.00 which will be deducted from the Loan amount."
As evidenced by the Security Agreement executed on May 18, 2020 and
amended on August 26, 2021 and a validly filed UCC-1 Financing
Statement, filed on July 20, 2020, as Filing Number U20000241819,
the SBA Loan is secured by all tangible and intangible personal
property.
The Parties agreed that any and all of the Personal Property
Collateral constitutes the SBA's cash collateral. The SBA consents
to the Debtor's use of cash collateral for ordinary and necessary
expenses as set forth in the budget, with a 10% variance.
As adequate protection, the SBA will receive a replacement lien on
all post-petition revenues of the Debtor to the same extent,
priority and validity that its lien attached to the cash
collateral. The scope of the replacement lien is limited to the
amount (if any) that cash collateral diminishes post-petition as a
result of the Debtor's post-petition use of cash collateral. The
replacement lien need not be subject to additional recording.
The SBA's replacement lien will have the same priority, validity
and extent as its prepetition lien, but will be subordinate to the
fees and expenses of:
-- a Chapter 7 trustee;
-- the Debtor's professionals in this case; and
-- the Subchapter V Trustee.
The SBA is entitled to a super-priority claim over the life of the
Debtor's bankruptcy case, pursuant to 11 U.S.C. sections 503(b),
507(a)(2) and 507(b), which claim will be limited to any diminution
in the value of the SBA's collateral, pursuant to the SBA Loan, as
a result of the Debtor's use of cash collateral on a post-petition
basis.
The Debtor will commence monthly payments of $368 to the SBA on May
1, 2023, and on or before the first of every subsequent month
continuing until further Court order or entry of an Order
Confirming the Debtor's Plan of Reorganization, whichever occurs
earlier.
A copy of the Court's order and the Debtor's budgets is available
at https://bit.ly/3Nd74sz from PacerMonitor.com.
The Debtor projects $50,731 in total income and $48,254 in total
expenses for the first month.
About Mouroux Family Chiropractic, Inc.
Mouroux Family Chiropractic, Inc. offers "one-stop" chiropractic
and medical services in the greater San Jose, California area.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-50186) on February
24, 2023. In the petition signed by Bradley Mouroux, president, the
Debtor disclosed up to $100,000 in assets and up to $1 million in
liabilities.
Judge Stephen L. Johnson oversees the case.
Steven E. Cowen, Esq., at S.E. Cowen Law, represents the Debtor as
legal counsel.
MULTIPLAN CORP: S&P Downgrades ICR to 'B', Outlook Stable
---------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on MultiPlan
Corp. to 'B' from 'B+', and S&P lowered its issue ratings on the
company's senior secured and unsecured debt to 'B' from 'B+' and to
'CCC+' from 'B-', respectively.
The stable outlook reflects S&P's expectation that the ratings are
unlikely to change in the next 12 months, given improved visibility
into revenue retention and an increased focus on growth
initiatives.
MultiPlan's performance is trending below S&P's expectations.
S&P said, "Revenue growth, cash flow generation, and the pace of
deleveraging have lagged our expectations. This weaker performance
partly owes to the effects of the pandemic-disrupted period, which
constrained use of the company's services, followed by a period of
high inflation that affected consumer behavior. Other factors
include a shift in business mix, contract renewal rate pressure,
and diminished operating efficiency, which we partly attribute to a
shift in demand for MultiPlan's services and incremental spend for
initiatives focused on new product and services development through
2024. We expect business conditions and opportunities for organic
growth to marginally improve through 2024 as the impact of the
pandemic and higher inflation continues to ease. Also, we believe
visibility has improved into the company's multiyear contract
renewals for three large customers (more than 50% of revenue), with
no material change in service offerings.
"In our updated forecast, we expect that MultiPlan will remain
highly leveraged and that its cash flow will meaningfully
diminish.
"We anticipate S&P Global Ratings-adjusted debt-to-EBITDA leverage
will be about 7.5x in 2023 and and 7.0x in 2024. These figures
compare unfavorably with our previous forecast of adjusted leverage
of 5.0x-5.5x through 2024. We also expect cash flow to be weaker
than our previous expectations, with funds from operation
generation at $220 million to $250 million through 2024. Our
analysis includes a sizable increase in interest expense through
2024 for the company's variable-rate debt, which makes up slightly
above 25% of its debt capital structure.
"Our stable outlook reflects limited potential for rating changes
over the next 12 months. We expect a 10%-15% revenue decline in
2023, followed by 5% growth in 2024, and adjusted EBITDA margins of
65%-70% (per our calculations). We expect this to result in funds
from operations diminishing compared with the recent trend.
"We could lower our ratings on MultiPlan in the next 12 months if
its debt-to-EBITDA ratio rises above 8.0x and coverage remains
materially below 2.0x due to revenue or margin compression, or if
the company adopts a more aggressive financial policy. We could
also lower our ratings if its liquidity position severely
deteriorates in connection with a significant performance decline
or an acceleration of its debt obligations.
"We see limited potential for an upgrade in the next 12 months,but
we could raise our ratings if the company stabilizes its
performance relative to our revised expectations for revenue growth
and cash flow generation beyond 2024, resulting in its financial
leverage and coverage metrics improving to sustainably below 5.0x
and above 3.0x, respectively."
MultiPlan is a national provider of end-to-end health care
cost-containment solutions. As of year-end 2022, total revenue was
split across three business segments: analytics-based solutions,
network-based solutions, and payment integrity solutions.
Assumptions
-- Revenue decline of 10%-15% in 2023, followed by growth of 5% in
2024
-- Adjusted EBITDA margins of 65%-70% through 2024
-- No significant acquisitions
Key metrics
Based on the above assumptions, S&P arrives at the following
adjusted credit metrics for 2023-2024:
-- Debt to EBITDA of 7.0x–7.5x
-- Funds from operations to debt of 4%-6%
-- EBITDA interest coverage of 1.8x–2.3x
-- Free operating cash flow to debt of 1%-3%
S&P said, "We view liquidity as adequate based on our expectation
that sources will exceed uses of cash by at least 1.2x in the next
12 months should there be a 15% decline in EBITDA. We expect the
company to sustain qualitative factors as well, including its sound
relationships with banks and generally good standing in the credit
markets."
The company's revolver expires August 2026, and it has no debt
maturities till October 2027.
Principal liquidity sources
-- Revolver capacity of $448.2 million (
NEW BEGINNING: Taps Landrau Rivera & Assoc. as Legal Counsel
------------------------------------------------------------
New Beginning Realty Corp. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ Landrau Rivera &
Assoc. as its legal counsel.
The Debtor requires legal counsel to:
(a) give advice regarding the duties and powers of the Debtor
in its Chapter 11 case under the laws of the United States and
Puerto Rico in which it conducts its business, or is involved in
litigation;
(b) advise the Debtor in determining whether a reorganization
is feasible and, if not, assits the Debtor in the orderly
liquidation of its assets;
(c) assist the Debtor in negotiation with its creditors in the
preparation of a Chapter 11 plan;
(d) prepare legal documents;
(e) appear before the bankruptcy court, or any court in which
the Debtor asserts a claim interest or defense directly or
indirectly related to this bankruptcy case;
(f) employ other professional services as necessary to
complete Debtor's financial reorganization; and
(g) perform other legal services.
The firm will be paid at these rates:
Noemi Landrau Rivera, Esq. $200 per hour
Josue A. Landrau Rivera, Esq. $175 per hour
Legal and Financial Assistants $75 per hour
In addition, Landrau Rivera & Assoc. will seek reimbursement for
fees and expenses.
The retainer is $10,000.
Noemi Landrau Rivera, Esq., an attorney at Landrau Rivera & Assoc.,
disclosed in court filings that the firm and its members are
"disinterested persons" within the meaning of Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Noemi Landrau Rivera, Esq.
Landrau Rivera & Assoc.
P.O. Box 270219
San Juan, PR 00927-0219
Telephone: (787) 774-0224
Facsimile: (787) 793-1004
Email: nlandrau@landraulaw.com
About New Beginning Realty Corp.
New Beginning Realty Corp., a company in San Juan, P.R., filed its
voluntary petition for Chapter 11 protection (Bankr. D.P.R. Case
No. 23-01049) on April 12, 2023, with as much as $1 million to $10
million in both assets and liabilities. Carlos A. Quinones Alfonso,
president of New Beginning Realty Corp., signed the petition.
Noemi Landrau Rivera, Esq., at Landrau Rivera & Assoc. serves as
the Debtor's legal counsel.
NORTHWEST SENIOR HOUSING: Court Confirms Plan
---------------------------------------------
The court has entered an order confirming the Chapter 11 Plan of
Northwest Senior Housing Corporation and Senior Quality Lifestyles
Corporation as modified by this Confirmation Order filed jointly
with UMB Bank, N.A., in its capacity as successor bond trustee and
master trustee (the "Trustee") and as lender under the DIP Credit
Agreement (the "DIP Lender" and together with, the Trustee, and the
Debtors, the "Plan Sponsors").
Provisions of Plan Nonseverable and Mutually Dependent. The
provisions of the Plan and this Confirmation Order, including the
findings of fact and conclusions of law set forth herein, are: (a)
non-severable and mutually dependent; (b) valid and enforceable
pursuant to their terms; and (c) integral to the Plan and this
Confirmation Order and may not be deleted or modified except in
accordance with Section 10.1 of the Plan.
Plan Implementation. In accordance with Bankruptcy Code section
1142, no further action by the Court or the member, managers,
officers, or directors of the Debtors is required for the Debtors
to, as of the Effective Date, (a) take any and all actions
necessary or appropriate to implement, effectuate, and consummate
the Plan, the Sale Transaction, this Confirmation Order, and any
and all related transactions contemplated thereby or hereby, and
(b) execute and deliver, adopt or amend, as the case may be, any
contracts, instruments, releases, agreements, and documents
necessary to implement, effectuate, and consummate the Plan and the
Sale Transaction.
Sale Transaction. The Asset Purchase Agreement and all other
ancillary documents, and all of the terms and conditions thereof,
are hereby approved. Pursuant to Bankruptcy Code sections 363(b)
and (f), the Debtors are authorized, empowered, and directed to use
their reasonable best efforts to take any and all actions necessary
or appropriate to (a) consummate the Sale Transaction pursuant to
and in accordance with the terms and conditions of the Asset
Purchase Agreement, (b) close the Sale Transaction as contemplated
in the Asset Purchase Agreement and this Confirmation Order, and
(c) execute and deliver, perform under, consummate, implement, and
fully close the Asset Purchase Agreement, including the assumption
and assignment to Purchaser of the Assumed Contracts (including the
Ground Lease), in accordance with the procedures set forth in the
Asset Purchase Agreement (including but not limited to Section 8.2
therein), together with additional instruments and documents that
may be reasonably necessary or desirable to implement the Asset
Purchase Agreement and the Sale Transaction.
Transfer of Purchased Assets. Pursuant to Bankruptcy Code sections
105(a), 363(b), and 363(f), the Debtors are authorized and directed
to transfer the Purchased Assets, excluding the Cure Escrow,
Litigation Trust Assets and the Residents Trust Assets, to
Purchaser on or as soon as reasonably practicable after the Closing
Date in accordance with the terms of the Asset Purchase Agreement,
and such transfer shall constitute a legal, valid, binding, and
effective transfer of the Purchased Assets and shall vest Purchaser
with title to the Purchased Assets.
Surrender of Purchased Assets by Third Parties. All persons and
entities that are in possession of some or all of the Purchased
Assets on the Closing Date are directed to surrender possession of
such Purchased Assets to Purchaser or its assignee on the Closing
Date. On the Closing Date, except only for Permitted Liens and
Assumed Liabilities, each of the Debtors' creditors are authorized
and directed to execute such documents and take such other actions
as may be reasonably necessary to release their Claims, Liens and
Encumbrances in the Purchased Assets, if any, as such Claims, Liens
and Encumbrances may have been recorded or may otherwise exist with
such Claims, Liens and Encumbrances attaching to the Sale
Transaction proceeds in the same validity, priority and extent that
existed prior to the Closing Date. All persons are hereby forever
prohibited and enjoined from taking any action that would adversely
affect or interfere with the ability of the Debtors to sell and
transfer the Purchased Assets to Purchaser in accordance with the
terms of the Asset Purchase Agreement and this Confirmation Order.
Distribution of Net Sale Proceeds. Upon the Closing of the Sale
Transaction, all Net Sale Proceeds therefrom after payments
required under the Plan to pay or escrow any unpaid Ground Lease
Cure, Allowed Administrative Claims, Priority Tax Claims,
Professional Claims, DIP Facility Claims, the Dallas County Claim,
Diminution Claim and the U.S. Trustee Fees, shall be paid to the
Trustee for Distribution to holders of Original Bonds, pursuant to
the terms of the Original Bond Documents.
Plan Modifications. The first sentence of Section 2.2 of the Plan
shall be replaced with the following: "All Professionals seeking
payment of Professional Claims shall (i) file their respective
final applications for allowance of compensation for services
rendered and reimbursement of expenses incurred in the Chapter 11
Cases by the date that is forty five (45) days after the Effective
Date and (ii) be paid (a) the full unpaid amount as is Allowed by
the Bankruptcy Court within five (5) Business Days after the date
that such Claim is Allowed by order of the Bankruptcy Court, or (b)
upon such other terms as may be mutually agreed upon between the
holder of such an Allowed Professional Claim and the Plan Sponsors;
provided however that Professional Claims, other than Claims of
KCC, shall be cumulatively capped at $2 million from the period of
December 1, 2022 through March 31, 2023, with holders of
Professional Claims, other than Claims of KCC, sharing Pro Rata in
the $2 million in the event such Professional Claims exceed the cap
during the period of December 1, 2022 through March 31, 2023."
Section 4.14 of the Plan shall be removed in its entirety and shall
be replaced with "[Reserved]."
Footnotes 3 and 7 of the Plan shall be removed in their entirety.
Section 8.5 of the Plan shall be removed in its entirety.
Post-Confirmation Modifications. Subject to the limitations set
forth in the Plan, after entry of this Confirmation Order but prior
to the substantial consummation of the Plan the Plan Sponsors may
alter, amend, or modify the Plan in accordance with Bankruptcy Code
section 1127(b); provided, however, that the Plan Sponsors shall
file any such altered, amended or modified version of the Plan on
the docket of the Chapter 11 Cases concurrently with the Notice of
Effective Date. The Debtors are authorized to make appropriate
technical adjustments, remedy any defect or omission, or reconcile
any inconsistencies in the Plan, the Plan Supplement, and this
Confirmation Order. Notwithstanding the foregoing, the Debtors and
the Purchaser shall not materially amend or otherwise materially
modify the Asset Purchase Agreement without further order of this
Court after notice and an opportunity to be heard.
Conflicts Between this Confirmation Order and the Plan. The
provisions of the Plan and this Confirmation Order shall be
construed in a manner consistent with each other so as to effect
the purpose of each; provided, however, that if there is determined
to be any inconsistency between any Plan provision and any
provision of this Confirmation Order that cannot be so reconciled,
then solely to the extent of such inconsistency the provisions of
this Confirmation Order shall govern. The provisions of this
Confirmation Order are integrated with each other and are
non-severable and mutually dependent unless expressly stated by
further order of this Court. For the avoidance of doubt, if there
are any inconsistencies between (a) the Rule 9019 Order and
Settlement, on one hand; and (b) the Plan, on the other hand, then
the terms of the Rule 9019 Order and Settlement shall control and
shall be considered integrated into this Confirmation Order as
though set forth herein.
Transmittal and Mailing of Solicitation Packages. On December 22,
2022, in accordance with the Solicitation Procedures Order, the
Bankruptcy Code, Bankruptcy Rules, Local Rules, and all other
applicable laws in connection therewith, the Plan Sponsors caused
KCC to transmit and serve solicitation materials, including, among
other things, a form of ballot ("Ballot"), and notice of the
confirmation and sale hearing ("Confirmation and Sale Hearing
Notice") to the Holders of Claims in Classes 2 (Bond Claims), 4
(General Unsecured Claims), 5 (Participating Former Resident Refund
Claims), and 6 (Participating Current Resident Refund Claims)
(collectively, the "Voting Classes").
Voting. Holders of Claims in the Voting Classes are Impaired and
were entitled to vote to accept or reject the Plan. Under
Bankruptcy Code section 1126(f), Debtors were not obligated to
solicit votes from Holders of Claims and Interests that are not
Impaired and deemed to accept the Plan and, the Court finds that
Class 1 and Class 3 are not Impaired under the Plan, and, thus,
deemed to have accepted the Plan. Similarly, under Bankruptcy Code
section 1126(g), Debtors were not obligated to solicit votes from
Holders of Claims and Interests in Classes 7 and 8 because such
classes are Impaired and will receive no Distributions and, thus,
are conclusively presumed to have rejected this Plan.
Bankruptcy Code section 1129(a)(8). As evidenced in the Balloting
Declaration, all Voting Classes voted to accept the Plan. Class 1
(Other Priority Claims) and Class 3 (Other Secured Claims) are
unimpaired and conclusively presumed to have accepted the Plan
under Bankruptcy Code section 1126(f), while Class 7 (Intercompany
Claims) and 8 (Interests in Debtors), are deemed to have rejected
the Plan under Bankruptcy Code section 1126(g). Thus, the Plan
Sponsors request Confirmation under Bankruptcy Code section
1129(b), not section 1129(a), which would require all impaired
Classes to accept the Plan. Because the Plan does not discriminate
unfairly and is fair and equitable with respect to Classes 7 and 8,
the requirements of Bankruptcy Code section 1129(a)(8) need not be
satisfied because the requirements of Bankruptcy Code section
1129(b) has been satisfied.
Compliance with Bankruptcy Code section 1129(b). Based upon the
evidence proffered, adduced, and presented by the Plan Sponsors at
the Confirmation Hearing and in the Confirmation Declaration, the
Plan does not discriminate unfairly and is fair and equitable with
respect to the Classes that are deemed to have rejected the Plan as
required by Bankruptcy Code sections 1129(b)(1) and (b)(2) ,
because no Holder of any Claim or Interest that is junior to such
Classes will receive or retain any property under the Plan on
account of such junior Claim or Interest, and no Holder of a Claim
in a Class senior to such Classes is receiving more than 100%
recovery on account of its Claim. Thus, the Plan may be confirmed
notwithstanding the deemed rejection of the Plan by Classes 3, 7,
and 8.
The Debtors have, to the extent necessary or applicable, (a) the
full corporate power and authority to execute and deliver the Asset
Purchase Agreement, dated as of December 16, 2022, by and between
the Debtors and the Purchaser, as amended by the certain (i) First
Amendment to Asset Purchase Agreement, dated as of January 13,
2023, and (ii) Second Amendment to Asset Purchase Agreement, dated
as of March 6, 2023 (collectively, as amended, the "Asset Purchase
Agreement") and all other documents contemplated thereby, (b) all
corporate authority necessary to consummate the transactions
contemplated by the Asset Purchase Agreement, and (c) taken all
corporate action necessary to authorize and approve the Asset
Purchase Agreement and the consummation of the transactions
contemplated thereby. The Sale Transaction has been duly and
validly authorized by all necessary corporate action. No internal
consents or approvals, other than those expressly provided for in
the Asset Purchase Agreement, are required for the Debtors to
consummate the Sale Transaction, the Asset Purchase Agreement, or
the transactions contemplated thereby, other than regulatory
approvals required under applicable Texas law.
Counsel to Debtors and Debtors in Possession:
Trinitee G. Green, Esq.
POLSINELLI PC
2950 N. Harwood, Suite 2100
Dallas, TX 75201
Telephone: (214) 397-0030
Facsimile: (214) 397-0033
E-mail: tggreen@polsinelli.com
- and -
Jeremy R. Johnson, Esq.
POLSINELLI PC
600 3rd Avenue, 42nd Floor
New York, New York 10016
Telephone: (212) 684-0199
Facsimile: (212) 684-0197
E-mail: jeremy.johnson@polsinelli.com
Counsel to UMB Bank, N.A. as Trustee and DIP Lender:
J. Frasher Murphy, Esq.
Thomas J. Zavala, Esq.
HAYNES AND BOONE, LLP
2323 Victory Avenue, Suite 700
Dallas, TX 75219
Telephone: (214) 651-5000
E-mail: frasher.murphy@haynesboone.com
tom.zavala@haynesboone.com
- and -
Daniel S. Bleck, Esq.
Eric Blythe, Esq.
Kaitlin R. Walsh, Esq.
MINTZ, LEVIN, COHN, FERRIS, GLOVSKY, AND POPEO, PC
One Financial Center
Boston, MA 02111
Telephone: (617) 546-6000
E-mail: dsbleck@mintz.com
erblythe@mintz.com
krwalsh@mintz.com
About Northwest Senior
Housing
Northwest Senior Housing Corporation d/b/a Edgemere is a Texas
nonprofit corporation and is exempt from federal income taxation as
a charitable organization described under Section 501(c)(3) of the
Internal Revenue Code of 1986, as amended. Northwest Senior Housing
Corporation was formed for the purpose of developing, owning and
operating a senior living community now known as Edgemere.
Northwest Senior Housing Corporation, et al. sought Chapter 11
bankruptcy protection (Bankr. N.D. Tex. Case No. 22-30659) on April
14, 2022. The petitions were signed by Nick Harshfield, treasurer.
Northwest Senior estimated assets and liabilities between $100
million to $500 million and $100 million to $500 million each.
Polsinelli PC serves as the Debtors' bankruptcy counsel. FTI
Consulting Inc. is the Debtors' business advisor. Kurtzman Carson
Consultants LLC is the Debtors' notice, claims and balloting agent
as well as administrative advisor.
OLYMPIA SPORTS: Unsecureds to Recover 10% to 15% of Claims in Plan
------------------------------------------------------------------
Olympia Sports Acquisitions, LLC, et al., and the Official
Committee of Unsecured Creditors submitted a Combined Disclosure
Statement and Chapter 11 Plan of Liquidation dated April 20, 2023.
The original Olympia was founded in 1975 by Ed Manganello. Olympia
was founded to provide smaller communities across the northeast and
mid-Atlantic regions with sports equipment, fitness gear and
apparel, athletic shoes, casual wear and sports accessories.
On December 22, 2022, the Debtors filed their Motion for Entry of
an Order: (I)(A) Approving Bidding Procedures in Connection With a
Sale of the Debtors' Intangible Assets Free and Clear of Liens,
Claims, Encumbrances and Other Interests; (B) Scheduling an Auction
and Sale Hearing; (C) Approving the Form and Manner of Notice
Thereof; and (D) Granting Related Relief; and (II) Authorizing Sale
of Debtors' Intangible Assets Free and Clear of Liens, Claims,
Encumbrances and Other Interests; and (B) Granting Related Relief
("IP Sale Motion").
At an auction held on February 9, 2023, 54 Glen Cove Realty, LLC
was named the successful bidder to purchase the Intangible Assets
for the sum of $180,000. The sale was approved pursuant to an order
entered on February 16, 2023 and the sale of the Intangible Assets
closed shortly thereafter.
The Plan is a liquidating chapter 11 plan. The Plan provides for
the proceeds from the Assets already liquidated or to be liquidated
over time to be distributed to holders of Allowed Claims in
accordance with the terms of the Plan and the priority of claims
provisions in the Bankruptcy Code.
The Plan is premised upon maximizing the liquidation value of the
Assets to benefit creditors. Specifically, the Debtors have two
primary assets: (i) Cash on hand from the liquidation of their
stores and the sale of their IP and related intangible assets, and
(ii) Causes of Action. On the Effective Date, the Trust will be
established for the benefit of creditors holding Allowed Claims,
and the Debtors will transfer all Cash on hand and all rights with
respect to Causes of Action, including the net proceeds from the
Causes of Action, all of which will be vested in and retained by
the Trust. All Distributions on account of Allowed Claims will be
paid from the Trust.
The Plan Proponents believe that the Plan maximizes the value of
the Estates and Distributions to be received by creditors on
account of Allowed Claims. The Plan Proponents therefore strongly
encourage all creditors who are eligible, to vote to accept the
Plan.
Class 2 consists of all General Unsecured Claims. Each Holder of an
Allowed General Unsecured Claim shall receive, in full
satisfaction, release and discharge of and in exchange for such
Allowed General Unsecured Claim, a Trust Interest, which shall
entitle each Holder thereof to its Pro Rata share of Trust Assets
after satisfaction in full of Allowed Administrative Claims,
Allowed Professional Compensation Claims, Allowed Priority Tax
Claims, Allowed Priority Non-tax Claims, and payment of, or
provision for, all Trust Expenses. Class 2 is Impaired under the
Plan.
Class 4 consists of the shareholders and all Holders of equity in
the Debtors. In full and final satisfaction of each Allowed
Interest in the Debtors, each Allowed Interest shall be canceled,
released, and extinguished, and will be of no further force or
effect and no Holder of Allowed Interests shall be entitled to any
recovery or Distribution under the Plan on account of such
Interests.
The Plan will be implemented by the Trust in a manner consistent
with the terms and conditions set forth in this Plan, the
Confirmation Order and Trust Agreement.
The Plan will be funded by the Cash and Cash equivalents held by
the Debtors generated from the liquidation of their assets,
including their store closing sales, the sale of their remaining IP
and the Causes of Action. As of the Effective Date, the Debtors
expect to be holding approximately $9 million in Cash before
payment of any monies owed on the Effective Date.
A copy of the Combined Disclosure Statement and Chapter 11 Plan of
Liquidation dated April 20, 2023, is available at
https://bit.ly/40AlK87 from Creditorinfo, the claims agent.
Counsel to the Debtors:
Jeffrey R. Waxman, Esq.
Brya M. Keilson, Esq.
MORRIS JAMES LLP
500 Delaware Avenue, Suite 1500
Wilmington, DE 19801
Telephone: (302) 888-6800
Facsimile: (302) 571-1750
E-mail: jwaxman@morrisjames.com
bkeilson@morrisjames.com
- and -
Alan J. Friedman, Esq.
Melissa Davis Lowe, Esq.
Max Casal, Esq.
SHULMAN BASTIAN FRIEDMAN & BUI LLP
100 Spectrum Center Drive; Suite 600
Irvine, CA 92618
Telephone: (949) 340-3400
Facsimile: (949) 340-3000
E-mail: afriedman@shulmanbastian.com
mlowe@shulmanbastian.com
mcasal@shulmanbastian.com
Counsel to the Official Committee of Unsecured Creditors:
Christopher M. Samis, Esq.
Aaron H. Stulman, Esq.
POTTER ANDERSON & CORROON LLP
1313 N. Market Street, 6th Floor
Wilmington, DE 19801
Telephone: (302) 984-6000
Facsimile: (302) 658-1192
E-mail: csamis@potteranderson.com
astulman@potteranderson.com
- and -
James S. Carr, Esq.
Jason R. Adams, Esq.
Lauren S. Schlussel, Esq.
KELLEY DRYE & WARREN LLP
3 World Trade Center, 175 Greenwich Street
New York, NY 10007
Telephone: (212) 808-7800
Facsimile: (212) 808-7897
E-mail: jcarr@kelleydrye.com
jadams@kelleydrye.com
lschlussel@kelleydrye.com
About Olympia Sports Acquisitions
Olympia Sports Acquisitions, LLC, is a sporting goods retail
company that maintains brick and mortar locations across the East
Coast, including Maine, New Hampshire, Vermont, New York,
Massachusetts, Rhode Island, and New Jersey.
On Sept. 11, 2022, Olympia Sports and several affiliates,
including, RSG Acquisitions, LLC, Project Running Specialties,
Inc., and The Running Specialty Group, LLC, sought Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 22-10853).
Olympia Sports estimated assets of $1 million to $10 million and
liabilities of $10 million to $50 million as of the bankruptcy
filing.
The Debtors tapped Shulman Bastian Friedman & Bui LLP as general
bankruptcy counsel; Morris James LLP as local counsel; and Force 10
Partners as financial advisor. BMC Group is the claims agent.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in Debtors' cases on
Sept. 23, 2022. Kelley Drye & Warren, LLP, Emerald Capital
Advisors, and Potter Anderson & Corroon, LLP as lead bankruptcy
counsel, financial advisor and Delaware counsel, respectively.
PALASOTA CONTRACTING: Voluntary Chapter 11 Case Summary
-------------------------------------------------------
Debtor: Palasota Contracting, LLC
3407 Tabor Road
Bryan, TX 77808
Chapter 11 Petition Date: April 24, 2023
Court: United States Bankruptcy Court
Southern District of Texas
Case No.: 23-31447
Judge: Hon. Eduardo V. Rodriguez
Debtor's Counsel: Kimberly A. Bartley, Esq.
WALDRON & SCHNEIDER, L.L.P.
15150 Middlebrook Drive
Houston, TX 77058
Tel: (281) 488-4438
Email: kbartley@ws-law.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $10 million to $50 million
The petition was signed by Ricky Palasota, Jr., as president.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/4TSOYKA/Palasota_Contracting_LLC__txsbke-23-31447__0001.0.pdf?mcid=tGE4TAMA
PEARL INC: Seeks to Hire Brian W. LaRose as Appraiser
-----------------------------------------------------
Pearl, Inc. seeks approval from the U.S. Bankruptcy Court for the
Eastern District of Louisiana to employ Brian W. LaRose, Real
Estate Appraiser, LLC to conduct an appraisal of its real
properties.
The firm will be paid $4,100 for the appraisal of the properties
located at 5737 Highway 56, Houma, La., and 120 Dr. Hugh, St.
Martin, La.
As disclosed in court filings, Brian W. LaRose is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Brian W. LaRose
Brian W. LaRose, Real Estate Appraiser, LLC
516 Lafayette Street
Houma, LA 70360
Phone: (985) 876-6249
About Pearl Inc.
Pearl, Inc., a seafood wholesaler in Chauvin, La., filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. La. Case No. 23-10276) on Feb. 28, 2023, with
$262,118 in assets and $1,248,246 in liabilities. Andrew Blanchard,
chief operating officer and president, signed the petition.
Judge Meredith S. Grabill oversees the case.
The Debtor tapped Robin R. De Leo, Esq., at The De Leo Law Firm,
LLC as counsel and Patrick Gros, CPA as accountant.
POLK AZ: Gets OK to Hire Mark J. Giunta as Bankruptcy Counsel
-------------------------------------------------------------
Polk AZ, LLC received approval from the U.S. Bankruptcy Court for
the District of Arizona to employ the Law Office of Mark J. Giunta
to handle its Chapter 11 case.
The hourly rates of the firm's counsel and staff are as follows:
Mark J. Giunta $525
Senior Associate $350
Associate $275
Legal Assistant $125
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received an initial retainer of $20,000 from Jema Group,
LLC, an affiliate of the Debtor.
Mark Giunta, Esq., disclosed in a court filing that his firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Mark J. Giunta, Esq.
Liz Nguyen, Esq.
Law Office of Mark J. Giunta
531 East Thomas Road, Suite 200
Phoenix, AZ 85012
Telephone: (602) 307-0837
Facsimile: (602) 307-0838
Email: markgiunta@giuntalaw.com
liz@giuntalaw.com
About Polk AZ LLC
Polk AZ, LLC, a company in Phoenix, Ariz., filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
D. Ariz. Case No. 23-02396) on April 16, 2023, with $1 million to
$10 million in both assets and liabilities. Judge Madeleine C.
Wanslee oversees the case.
The Law Office of Mark J. Giunta serves as the Debtor's bankruptcy
counsel.
POLYMER EXTRUSION: Seeks to Tap Hall Booth Smith as Special Counsel
-------------------------------------------------------------------
Polymer Extrusion Technology Incorporated seeks approval from the
U.S. Bankruptcy Court for the Southern District of Florida to
employ Hall Booth Smith, PC as special appellate counsel.
The Debtor requires a special counsel to represent it in an appeal
pending before the Fourth District Court of Appeal (Case No.
4DCA#:23-0142).
John Heffling, Esq., attorney at Hall Booth Smith, will be paid at
an hourly rate of $350.
In addition, the firm will seek reimbursement for expenses
incurred.
Mr. Heffling disclosed in a court filing that his firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
John D. Heffling, Esq.
Hall Booth Smith, PC
1400 Centrepark Blvd., Suite 400
West Palm Beach, FL 33401
Telephone: (561) 472-1020
Email: jdheffling@hallboothsmith.com
About Polymer Extrusion Technology Incorporated
Polymer Extrusion Technology Incorporated, doing business as
Glasslam, is engaged in plastic products manufacturing. The company
is based in Pompano Beach, Fla.
Polymer filed its voluntary petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-12348) on March
27, 2023, with $100,000 to $500,000 in assets and $1 million to $10
million in liabilities. Violet Howes, director at Polymer, signed
the petition.
Judge Scott M. Grossman presides over the case.
The Debtor tapped David A. Ray, Esq., at David A. Ray, PA as
bankruptcy counsel and John D. Heffling, Esq., at Hall Booth Smith,
PC as special appellate counsel.
PROPULSION ACQUISITION: S&P Upgrades ICR to 'B', Outlook Stable
---------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Propulsion
Acquisition LLC (Belcan) to 'B' from 'B-'. At the same time, S&P
raised the issue-level rating on the company's first-lien term loan
to 'B' from 'B-' while maintaining its '3' (65%) recovery rating.
The stable outlook reflects S&P's expectation that the company's
debt to EBITDA will remain between 5.0x and 5.5x as its earnings
increase, though the potential for acquisitions will likely limit
the improvement in its credit ratios.
S&P said, "The upgrade reflects our expectation that Belcan's
leverage will remain 5.0x-5.5x in 2023. While its defense revenue
remained solid throughout the coronavirus pandemic, the demand from
Belcan's commercial aerospace and automotive customers continued to
recover over the last year. This increased its revenue and margin,
supported by expanding sales in its higher-margin manufacturing and
supply chain segment, which improved its credit metrics. By
amending its credit facility to extend upcoming maturities into
2026, we no longer have debt-related liquidity concerns."
Belcan's increasing costs and working capital outflows could limit
the improvement in its credit ratios. The company's salary
reductions and highly variable cost structure prevented its margins
from plummeting during the depths of the pandemic. However, due to
the increase in its sales, the company's costs are returning to
prepandemic levels. Therefore, while the previously mentioned
factors could somewhat expand its margin, S&P believes it is
unlikely there will be a significant jump during its forecast
period. Similarly, the company will likely experience working
capital outflows due to its business expansion, which will somewhat
limit its free cash generation.
S&P said, "Belcan might seek further growth through acquisitions.
We believe the company will likely remain acquisitive to reach new
customers in key growth areas and new geographic regions. We expect
it can finance such transactions with cash and potentially sponsor
equity, though it is possible the company will issue new debt to
fund a larger opportunistic acquisition.
"The stable outlook on Belcan reflects our view that improving
sales volume and EBITDA margins will strengthen credit measures and
that acquisitions could limit further improvement. We expect debt
to EBITDA to be in the low-5x area throughout our forecast."
S&P could lower its rating on Belcan in the next 12 months if debt
to EBITDA rises above 7x and it does not expect it to improve. This
could occur if:
-- Weaker demand or significant supply chain issues result in
lower-than-forecasted revenue;
-- Margins weaken because of unexpected cost increases; or
-- The company pursues a more aggressive financial policy than we
currently expect.
Although unlikely due to current sponsor ownership, S&P could raise
its rating on Belcan in the next 12 months if debt to EBITDA
declines well below 5x and S&P expects it to remain there, even
with possible acquisitions. This could occur if:
-- Revenue grows faster than expected, particularly in high-margin
markets such as manufacturing and supply chain;
-- The company keeps costs low even as sales volumes increase;
-- The company avoids high-priced, debt-financed acquisitions;
and
-- The sponsor commits to maintaining leverage below 5x.
ESG credit indicators: E-2, S-2, G-3
Governance factors are a moderately negative consideration, as is
the case for most rated entities owned by private-equity sponsors.
S&P believes the company's highly leveraged financial risk profile
points to corporate decision-making that prioritizes the interests
of its controlling owners. This also reflects private-equity
owners' generally finite holding periods and focus on maximizing
shareholder returns.
REVERSE MORTGAGE: U.S. Trustee Opposes Amended Liquidating Plan
---------------------------------------------------------------
Andrew R. Vara, United States Trustee for Regions 3 and 9, objects
to the Amended Joint Chapter 11 Plan of Liquidation of Reverse
Mortgage Investment Trust Inc., et al.
The United States Trustee claims that the Debtors' Plan should not
be confirmed in its present form because it extracts non-consensual
third-party releases, for no consideration, from a multitude of
non-debtor parties -- defined in a "related parties" clause --
merely because such parties are connected and/or related to certain
Releasing Parties.
The United States Trustee asserts that the Plan also should not be
confirmed because it does not include appropriate provisions
regarding obligations to file post-confirmation reports, or to pay
statutory fees arising under Section 1930 of the Bankruptcy Code to
the U.S. Trustee after the Effective Date, and restricts the source
of the funds that may be used to make such statutory payments.
Additional issues that prevent the Plan from being confirmed in its
current form include:
* The Debtor Release includes what appear to be hidden,
non-consensual third-party releases;
* Neither the Third-Party Release nor the Debtor Release have
exceptions for known or unknown claims of fraud, intentional
misconduct, or gross negligence;
* The Plan includes an impermissibly broad exculpation clause
that (a) fails to include the required exceptions for willful
misconduct and gross negligence; (b) is not limited to protecting
estate fiduciaries; (c) fails to include the necessary temporal
scope; and (d) includes language that turns the Exculpation into a
non-consensual third-party release;
* The Plan contains a discharge provision that is contrary to
section 1141(d)(3) if applicable to those Debtors that are
liquidating.
* The Plan and all distributions thereunder are impermissibly
cast as a settlement that may be approved under Code section 1123
and Bankruptcy Rule 9019;
* The Plan’s injunction provision enjoins recoupment
defenses, which is inconsistent with Folger Adam Sec., Inc. v.
DeMatteis/MacGregor, J.V., 209 F.3d 252 (3rd Cir. 2000); and
* Contrary to section 502 of the Bankruptcy Code, the Plan
seeks to prevent other parties with standing from objecting to
claims, and to circumvent required process to object and remove
claims from the claims register.
A full-text copy of the United States Trustee's objection dated
April 20, 2023 is available at https://bit.ly/3LoapUe from
PacerMonitor.com at no charge.
About Reverse Mortgage Investment Trust
Reverse Mortgage Investment Trust Inc. is an originator and
servicer of reverse mortgage loans.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-11225) on November
30, 2022.
In the petition signed by Craig Corn, chief executive officer, the
Debtors disclosed up to $50 billion in both assets and
liabilities.
Judge Mary F. Walrath oversees the case.
The Debtors tapped Sidley Austin LLP as general bankruptcy counsel,
Benesch, Friedlander, Coplan, and Aronoff LLO as local bankruptcy
counsel, FTI Consulting Inc. as financial advisor, and Kroll
Restructuring Administration LLC as noticing and claims agent.
Leadenhall Capital Partners LLP, as agent to the postpetition
secured lenders, is advised by Latham & Watkins LLP and Young,
Conaway Stargatt & Taylor LLP, as counsel; BRG, as financial
advisor; and Moelis as investment banker.
Texas Capital Bank has retained Paul, Weiss, Rifkind, Wharton &
Garrison LLP as counsel.
Longbridge Financial, LLC has retained Weil, Gotshal & Manges LLP,
Lowenstein Sandler LLP, and Richards, Layton & Finger as counsel;
and Houlihan Lokey, Inc., as financial advisor.
SERTA SIMMONS: To Close One of Georgia Plants
---------------------------------------------
Amy Wenk of Atlanta Business Chronicle reports that Doraville-based
Serta Simmons Bedding LLC says it will close one of its Georgia
plants, just months after the mattress giant filed for Chapter 11
bankruptcy.
Serta Simmons will cut 180 workers when it closes its Waycross,
Georgia, facility, according to a Worker Adjustment and Retraining
Notification posted this week. The layoffs will begin June 20,
according to the notice.
The bedding company in a statement Friday said it is shuttering the
Waycross plant in a broader effort to "optimize" its manufacturing
footprint.
The Georgia factory is one of three closing, according to trade
publication Furniture Today. Facilities in Connecticut and Quebec
are also impacted. Three other factories closed last 2022 in Iowa,
Virginia and Kansas, while a new plant was announced in Wisconsin,
reported Furniture Today.
"We are building a high-performing and resilient supply chain at
Serta Simmons Bedding so we can continue delivering exceptional
service to our retail partners and sleepers," a Serta Simmons
spokesperson said in a statement to Atlanta Business Chronicle. "As
part of this, we are optimizing our manufacturing footprint, which
includes expanding our operations in some areas and consolidating
or closing other operations."
Serta Simmons in January filed for Chapter 11 bankruptcy
protection, saying at the time it would "substantially reduce the
company's funded debt from approximately $1.9 billion to
approximately $300 million and enable the company to continue
making critical investments in its business and brands."
Last fall, Atlanta Business Chronicle reported Serta Simmons put
the majority of its Doraville headquarters up for sublease. It's
unclear if that space has been leased yet. There's an active
listing on LoopNet, and a leasing representative for Jones Lang
LaSalle Inc. who is marketing the property was not immediately
available to comment.
Serta announced its 500-employee campus at the former General
Motors plant in 2017. The approximately 210,000-square-foot
headquarters opened two years later at the project now known as
Assembly Atlanta. The company has one other Georgia plant located
near Augusta.
About Serta Simmons Bedding
Serta Simmons Bedding, together with its non-debtor affiliates, are
manufacturers and marketers of bedding products in North America,
operating various bedding manufacturing facilities across the
United States and Canada.
Serta Simmons Bedding, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case
No. 23-90020) on Jan. 23, 2023. The petitions were signed by John
Linker, chief financial officer, treasurer and assistant secretary.
At the time of filing, the Debtors estimated $1 billion to $10
billion in both assets and liabilities.
Serta Simmons tapped Weil, Gotshal & Manges as counsel, Evercore
Group, LLC, as its investment banker, and FTI Consulting, Inc., as
its financial advisor. Epiq Corporate Restructuring, LLC, is the
claims and noticing agent. Pricewaterhousecoopers LLP is the tax
services advisor.
SHEFA LLC: City's Motion to Convert Case to Chapter 7 Granted
-------------------------------------------------------------
Judge Thomas J. Tucker United States Bankruptcy Court for the
Eastern District of Michigan grants the motion filed by the City of
Southfield, Michigan, seeking an order converting the case to
Chapter 7.
Shefa, LLC, filed this Chapter 11 case on Jan. 31, 2023. This is
the Debtor's second Chapter 11 case. The Debtor filed its first
Chapter 11 case on Feb. 25, 2014, Case No. 14-42812.
The City of Southfield agrees that the Debtor belongs in
bankruptcy, but under Chapter 7 rather than Chapter 11. The City
argues that there is "cause" to convert this case because the
Debtor's filing of this case under Chapter 11, rather than under
Chapter 7, was done in bad faith.
Judge Tucker finds that the Debtor, through its sole member Sidney
Elhadad, engaged in some improper conduct before filing the
petition in this case -- during the Debtor's First Chapter 11 case.
Months before the reorganization plan was confirmed in that case,
Mr. Elhadad secretly caused the Debtor to enter into an undisclosed
agreement, entitled "Commercial Purchase Agreement," to sell the
Property to an individual named Xiao Hua Gong. Although that
purchase agreement never closed, the timing, terms, and secretive
nature of the agreement are very troubling to the Court, and cast
serious doubt on Mr. Elhadad's suitability to manage the Debtor as
a Chapter 11 debtor in possession in the current case.
The Debtor's stated goal of filing Chapter 11 is to market and sell
the Debtor's Property. Considering the Debtor's history of failed
efforts to sell the Property, Judge Tucker suggests that a
disinterested Chapter 7 Trustee should now manage efforts to sell
the Property, rather than the Debtor under the control of Mr.
Elhadad.
The Debtor argues that if this case had been filed under Chapter 7,
or were to be converted to Chapter 7 now, the Chapter 7 Trustee
would have no money to keep the Property insured, secured, or
maintained, at least not until the estate received proceeds of a
sale of the Property. The Debtor suggests that it can obtain
funding in this case, if necessary, as it has done pre-petition,
from its sole member and creditor, Mr. Elhadad, or from its
creditor Trantor-Realty, Inc.
If indeed Mr. Elhadad or Trantor, or anyone else, is willing to
provide funding for the Debtor in Chapter 11 to bridge it to a
closing of a sale of the Property, Judge Tucker finds no reason
apparent why such sources would not also be willing to provide such
funding to a Chapter 7 Trustee, after proper notice and hearing and
with the approval of the Court.
Accordingly, Judge Tucker Court the Debtor filed this bankruptcy
case under Chapter 11 in bad faith, and that a conversion of this
case to Chapter 7, rather than dismissal, is "in the best interests
of creditors and the estate."
A full-text copy of the Opinion dated April 3, 2023, is available
https://tinyurl.com/58cc9kby from Leagle.com.
About Shefa LLC
Shefa LLC is a Single Asset Real Estate as defined in 11 U.S.C.
Section 101(51B).
Shefa LLC filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Mich. Case No. 23-40908) on Feb. 1,
2022. In the petition filed by principal, as manager, the Debtor
reported assets and liabilities between $1 million and $10
million.
The Debtor is represented by Robert N. Bassel, Esq.
SOUTHERN HERITAGE: Seeks Cash Collateral Access
-----------------------------------------------
Southern Heritage Timber Co LLC asks the U.S. Bankruptcy Court for
the Middle District of Alabama, Northern Division, for authority to
use cash collateral.
The Debtor requires the use of cash collateral for administrative,
general and necessary costs and expenses.
Throughout the last 12 to 18 months, the Debtor has suffered
financial problems related, at least in part, to the negative
economic impacts of the shutdown related to the COVID-19 pandemic
including, but not limited to, the decrease in the demand for paper
and wood products manufactured from pulp wood. In essence, the
decrease in demand for ,the products caused pulpwood mills to
reduce the amount of timber accepted from logging or timber
harvesting companies such as the Debtor. The Debtor's income
declined during the period.
Based upon information available at this time through the records
of the Alabama Secretary of State, these entities acquired or may
have acquired security interests in, among possibly other property,
Debtor-in-Possession's cash and cash equivalents:
a. Peoples Exchange UCC-1 Filed September 20, 2021
b. Century Bank UCC-1 Filed December 14, 2021
c. John Deere UCC-1 Filed May 9, 2022
d. John Deere UCC-1 Filed June 23, 2022
e. John Deere UCC-1 Filed July 25, 2022
f. S & P Financial UCC-1 Filed December 10, 2022
The Debtor proposes that adequate protection to these identified
entities includes a replacement lien on the Debtor's post-petition
receivables and projected positive cash flow.
A copy of the motion is available at https://bit.ly/3L9Hmn4 from
PacerMonitor.com.
About Southern Heritage Timber Co LLC
Southern Heritage Timber Co LLC operates a timber harvesting
and/or logging business in Monroeville, Alabama.
The Debtor sought protection from Chapter 11 of the U.S. Bankruptcy
Code (Bankr. M.D. Ala. Case No. 23-30734) on April 14, 2023. In the
petition signed by Cory Willis, member, the Debtor disclosed up to
$1 million in assets and up to $10 million in liabilities.
Anthony Bush, Esq., at The Bush Law Firm, LLC, represents the
Debtor as legal counsel.
STOCKTON GOLF: Seeks Cash Collateral Access
-------------------------------------------
Stockton Golf and Country Club asks the U.S. Bankruptcy Court for
the Eastern District of California, Sacramento Division, for
interim authority to use cash collateral and provide adequate
protection.
Specifically, the Debtor seeks authority to use cash collateral in
which Bank of Stockton may assert an interest, for necessary
expenses in the amount of $1,035,150 plus a 10% variance, for the
period from the week ending May 5, 2023, through the week ending
June 30, 2023.
The Debtor also seeks access to cash collateral in which
Performance Food Service, Great America Financial Services
Corporation, TCF National Bank, VGM Financial Services, a Division
of TCF National Bank, Wells Fargo Bank, DLL Finance LLC, and Sysco
Sacramento, Inc. for necessary expenses in the amount of $1,035,150
plus a 10% variance, for the period from the week ending May 5,
2023, through the week ending June 30, 2023.
Over the course of its first 100 years, the Debtor expanded to 18
holes, added a clubhouse and other recreational facilities, all in
furtherance of its not-for-profit purpose.
Then came a series of pivotal events, including a large increase in
the cost of a new clubhouse, the Lehman Brothers recession, and
COVID-19.
These adverse events led to the Debtor's inability to continue
making needed maintenance and paying its major secured lender Bank
of Stockton.
Prior to the Chapter 11 filing, the Debtor retained Russ Burbank of
BPM, a financial advisor who major financial institutions routinely
recommend to businesses in financial trouble as a financial
advisor.
An action plan generally involved negotiations with Bank of
Stockton, a transparent marketing and sale process conducted by
Leisure Investment Properties Group, a nationwide golf course
broker, and procuring an appraisal of the Golf Course Property.
An appraisal valued the Golf Course Property in January 2022 at
$4,100,000, and the broker gave a Brokers Opinion of Value at
$3,500,000.
The Golf Course Property generates monthly income from golf
activities, membership dues, banquets, and other activities, which
generates cash collateral that is used to fund the Debtor's ongoing
operations.
On October 3, 2022, the Debtor requested a lien search from the
California Secretary of State. The UCC-1 Creditors (which excluded
Bank of Stockton) were shown in this search to have active UCC-1
financing statements that had not expired.
The Bank of Stockton was shown to have an active UCC-1 financing
statement on file with the California Secretary of State and was
shown to be the earliest in-time filer of a UCC-1 financing
statement.
During the Second Cash Collateral period, the Debtor and Bank of
Stockton reached an agreement with respect to the proposed Plan
interest rate for the non-1111b treatment of Bank of Stockton,
which included the agreement of Bank of Stockton does not enforce
any security agreement it may have against the Debtor's cash and
deposit accounts not with Bank of Stockton. This agreement
eliminated the requirement that the Debtor file an action to avoid
Bank of Stockton's security interest in the cash and deposit
accounts on the grounds that it is not perfected.
However, given that Bank of Stockton still retained its enforceable
and perfected lien on accounts receivable, the Bank of Stockton
still retains an interest in accounts receivable, and hence the
third motion.
The Debtor submits the Secured Creditors will be adequately
protected by the Proposed Replacement Lien on the post-petition
cash collateral to the same extent, validity, scope, and priority
as existed on the Petition Date.
A hearing on the matter is set for May 2, 2023 at 11 a.m.
A copy of the Debtor's request is available at
https://bit.ly/3KRxInH from PacerMonitor.com.
About Stockton Golf and Country Club
Stockton Golf and Country Club sought protection under Chapter 11of
the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 22-22585) on
October 11, 2022.
Judge Christopher D. Jaime oversees the case.
Thomas A. Willoughby, Esq., at Felderstein Fitzgerald Willoughby
Pascuzzi & Rios LLP, is the Debtor's counsel.
STRUCTURLAM MASS: Files for Chapter 11 With $60M Deal With Mercer
-----------------------------------------------------------------
Structurlam Mass Timber Corporation, the leading mass timber
manufacturer in North America, on April 24, 2023, disclosed that it
has entered into a stalking horse asset purchase agreement (the
"APA") with Mercer International Inc. to sell substantially all the
Company's assets in British Columbia and Arkansas for US$60
million.
In conjunction with the APA, the Company has voluntarily filed
petition for relief under Chapter 11 of the U.S. code ("Chapter
11"). Recognition of the Chapter 11 proceedings will be sought in
the Supreme Court of British Columbia shortly thereafter.
The APA is subject to higher and better offers as part of a court
monitored auction process. In addition, the Company secured a C$7.5
million debtor-in-possession ("DIP") facility from the Bank of
Montreal to fund its operations throughout the court process.
"I am delighted and grateful for Mercer's vote of confidence in
Structurlam and in its leadership in the mass timber industry. It
is especially rewarding given the difficult period the company has
had since suspending its operations in Arkansas mid-January, and it
will help in normalizing the plant operations going forward" said
Matthew Karmel, CEO of Structurlam Mass Timber Corporation.
Structurlam is being advised by Stifel / Miller Buckfire as its
Investment Banker. Interested bidders are encouraged to contact
Kevin Haggard (kevin.haggard@millerbuckfire.com) or Willem Enthoven
(enthovenw@stifel.com).
Stakeholders can receive additional information by contacting the
Company's Notice and Claims Agent, KCC at
www.kccllc.net/Structurlam or calling: (888) 647-1715 (U.S./Canada)
or (310) 751-2619 (International).
For Media Inquiries:
Paul Sehn, Structurlam
psehn@structurlam.com
250-488-2172
About Structurlam Mass Timber Corporation
Structurlam -- http://structurlam.com/-- is the leading North
American provider of mass timber solutions for construction and
industrial markets in Canada and the U.S. Its structural laminated
mass timber and industrial products include CrossLam(R) CLT
cross-laminated panels, and GlulamPLUS(R) glue-laminated columns
and beams. Structurlam is also the first producer in North America
to introduce CLT in the production of industrial ground protection
matting products. Structurlam's entire product line is built from
North American sustainably harvested softwood lumber, ensuring
consistent product and environmental standards. Structurlam
collaborates with architects, engineers and industrial OEM
customers to create fully integrated solutions that combine design,
engineering, a customized project delivery experience. Established
in 1962, Structurlam's world-class reputation is built on
innovation, cost-efficiency and quality. Structurlam is based in
Penticton, British Columbia and has mass timber production
facilities in Canada and the U.S.
After reaching a deal with Mercer International Inc. to sell its
assets in British Columbia and Arkansas for US$60 million,
Structurlam Mass Timber U.S., Inc., and certain of its affiliates
sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
23-10497) on April 21, 2023.
Structurlam Mass Timber estimated assets and debt of $100 million
to $500 million as of the bankruptcy filing.
The Debtors tapped PAUL HASTINGS LLP as general bankruptcy counsel;
ALVAREZ & MARSAL CANADA INC. as financial advisor; and STIFEL,
NICOLAUS & COMPANY, INCORPORATED and MILLER BUCKFIRE & CO., LLC, as
investment bankers. POTTER ANDERSON & CORROON LLP is the local
bankruptcy counsel. GOWLING WLG is the Canadian counsel. KURTZMAN
CARSON CONSULTANTS LLC is the claims agent.
SWS SERVICES: Unsecureds to Split $45K in Subchapter V Plan
-----------------------------------------------------------
SWS Services, Inc. filed with the U.S. Bankruptcy Court for the
Middle District of Tennessee a First Amended and Restated Chapter
11 Plan of Reorganization under Subchapter V dated April 20, 2023.
The Debtor is a Tennessee corporation which operates Oak Hill
Senior Living in Portland, TN. Oak Hill Senior Living was opened in
October of 2018 in Portland, Tennessee.
Oak Hill Senior Living is a residential care facility focusing on
quality care and compassion for seniors. Oak Hill provides services
such as personal care, medication monitoring, housekeeping and
laundry services, recreational activities, and meal planning.
The Debtor's income is fixed with approximately $35,000.00 in gross
receipts monthly. The Debtor is allocating $3,575.00 monthly to
fund this plan, which is feasible.
This Plan of Reorganization proposes to pay the creditors of the
Debtor from cash flow from business operations and future income of
the Debtor.
Non-priority unsecured creditors holding allowed claims will
receive pro rata distributions from the ongoing cash flow of the
debtor.
Class S shall consist of all unsecured claims allowed under Section
502 of the Code that are not entitled to priority and not expressly
included in the definition of any other class. The claims in this
class shall be paid a pro-rate distribution of $45,000.00
commencing on the Effective Date of the plan, payable at the rate
of $750.00 per month, until the total amount specified herein has
been paid.
Class T shall consist of the interests of the corporate Debtor in
property of the estate. The Debtor will retain all ownership rights
in property of the estate.
The Debtor anticipates the funds to meet the plan payments shall
come from the daily operations of the Debtor's assisted care
facility.
A full-text copy of the Subchapter V Plan dated April 20, 2023 is
available at https://bit.ly/40yvTSw from PacerMonitor.com at no
charge.
Attorney for Debtor:
Steven L. Lefkovitz, Esq.
Lefkovitz & Lefkovitz, PLLC
908 Harpeth Valley Place
Nashville, TN 37221
Tel: (615) 256-8300
Fax: (615) 255-4516
Email: slefkovitz@lefkovitz.com
About SWS Services, Inc.
SWS Services, Inc. is a Tennessee corporation which operates Oak
Hill Senior Living in Portland, TN. The Debtor sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn.
Case No. 23-00835) on March 8, 2023. In the petition signed by
Shanna Wheeler, owner and president, the Debtor disclosed up to
$500,000 in assets and up to $1 million in liabilities.
Judge Marian F. Harrison oversees the case.
Steven L. Lefkovitz, Esq., at Lefkovitz and Lefkovitz, represents
the Debtor.
T-SHACK INC: Taps Rebeca Garcilazo de Martinez of Exp as Realtor
----------------------------------------------------------------
T-Shack Inc. seeks approval from the U.S. Bankruptcy Court for the
District of Nevada to employ Rebeca Garcilazo de Martinez, a
realtor at Exp Realty, to assist in the sale of its properties.
The realtor will get a commission of 7 percent of the properties'
gross selling price.
Ms. de Martinez disclosed in a court filing that she is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The realtor can be reached at:
Rebeca Garcilazo de Martinez
Exp Realty
2219 Rimland Drive, Suite 301
Bellingham, WA 98226
About T-Shack Inc.
T-Shack Inc., a wholesale and retail company in Mantador, N.D.,
filed for Chapter 11 protection (Bankr. D. Nev. Case No. 22-11197)
on April 5, 2022. In the petition filed by Raymond Zajac,
registered agent, the Debtor listed $1 million to $10 million in
both assets and liabilities.
Judge Mike K. Nakagawa oversees the case.
Michael J. Harker, Esq., at The Law Offices of Michael J. Harker is
the Debtor's counsel.
TCS SOLUTIONS: U.S. Trustee Unable to Appoint Committee
-------------------------------------------------------
The U.S. Trustee for Region 14 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of TCS Solutions, LLC.
About TCS Solutions
TCS Solutions, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Ariz. Case No. 23-01760) on March 22,
2023. Judge Daniel P. Collins oversees the case.
TOMS KING: Seeks to Extend Plan Exclusivity to July 31
------------------------------------------------------
TOMS King (Ohio) LLC and its debtor affiliates ask the U.S.
Bankruptcy Court for the Northern District of Ohio to extend
their exclusive periods to file a chapter 11 plan and solicit
acceptances thereof to July 31, 2023 and September 29, 2023,
respectively.
The Debtors explained that the chapter 11 cases have presented
various complex and time-consuming issues, including conducting
a going concern sale of, or reorganization with respect to, their
business as franchisees of Burger King restaurants. The Debtors
stated that their efforts throughout the chapter 11 cases have
been focused upon the execution of a comprehensive effort to
maximize the value of their assets for the benefit of their
creditors.
The Debtors found that, in light of the proceeds realized from
the sales and their pre-petition debt structure, it became
apparent that a plan was likely not feasible. However, the
Debtors stated that the complexity of the chapter 11 cases
justifies the extensions requested to allow the negotiation,
filing, solicitation and confirmation of a chapter 11 plan, if
necessary.
The Debtors' exclusive filing period and exclusive solicitation
period currently expire on May 2, 2023 and July 1, 2023,
respectively.
TOMS King (Ohio) LLC is represented by:
Thomas R. Allen, Esq.
Richard K. Stovall, Esq.
James A. Coutinho, Esq.
ALLEN STOVALL NEUMAN & ASHTON LLP
10 W. Broad St., Ste. 2400
Columbus, OH 43215
Tel: (614) 221-8500
Email: allen@ASNAlaw.com
stovall@ASNAlaw.com
coutinho@ASNAlaw.com
- and -
Matthew P. Ward, Esq.
Ericka F. Johnson, Esq.
Morgan L. Patterson, Esq.
Todd A. Atkinson, Esq.
William D. Curtis, Esq.
WOMBLE BOND DICKINSON (US) LLP
1313 North Market Street, Suite 1200
Wilmington, DE 19801
Tel: (302) 252-4320
Email: matthew.ward@wbd-us.com
ericka.johnson@wbd-us.com
morgan.patterson@sbd-us.com
todd.atkinson@wbd-us.com
will.curtis@wbd-us.com
About TOMS King (Ohio) LLC
TOMS King (Ohio) LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 23-50001) on
January 2, 2023. In the petition filed by Daniel F. Dooley, chief
restructuring officer, the Debtor disclosed up to $50,000 in
assets and up to $50 million in liabilities.
Judge Alan M. Koschik oversees the case.
Richard K. Stovall, Esq., at Allen Stovall Neuman & Ashton LLP,
is the Debtor's legal counsel.
VERSCEND HOLDING: S&P Alters Outlook to Stable, Affirms 'B' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on Verscend Holding II Corp.
(doing business as Cotiviti) to stable from positive and affirmed
all of its ratings, including its 'B' issuer credit rating.
S&P said, "The stable outlook reflects our expectation that the
company will increase its revenue by the low-teens percent area,
maintain healthy EBITDA margins in the low-40% area, and reduce its
S&P Global Ratings-adjusted leverage to about 8.0x in 2023 (from
9.3x as of year-end 2022).
"The outlook revision reflects our expectation for
weaker-than-expected FOCF generation in 2023.We forecast the
company will face increased interest expense in 2023 due to its
high exposure to floating-rate debt. We also assume Cotiviti will
expand its business investment as it catches up on delayed
technical investment and software development. Therefore, we
anticipate that the company's FOCF will weaken this year, with FOCF
to debt in the 1%-2% range, which we view as modest given its good
profitability and the scale of its business.
"Cotiviti has sizable upcoming maturities in 2025.As of March 31,
2022, the company's average weighted debt maturity was slightly
below three years. Its revolver expires in May 2025 and its
first-lien term loan (about $3.6 billion outstanding as of December
2022) comes due in August 2025. We remain cautious about Cotiviti's
refinancing risk due to the uncertain condition in the capital
markets. A further deterioration in the length of the company's
weighted average debt maturity could pressure our ratings.
"We anticipate the company will increase its revenue by the
low-teen percent area in 2023 and report a moderate improvement in
2024, primarily due to volume growth from existing customers, new
client wins, and cross-selling opportunities. Our base-case
forecast assumes a slight improvement in Cotiviti's EBITDA margins
fueled by continued labor and cost reductions, facilities
optimization, operational cost improvements, and the realization of
synergies from its acquisitions."
The volatility stemming from the COVID-19 pandemic led to a
significant reduction in health care spending, which pressured the
profitability of providers and improved the financial performance
of payers. After the declaration of a public health emergency,
payers deployed financial support to stabilize providers, which
included pausing their edits, new business implementation, and
optimization efforts. With provider pressure easing due to
normalizing utilization and decreasing contract labor spending,
along with the upcoming expiration of the U.S. public health
emergency in May and S&P's forecast for escalating medical costs
and higher negotiated reimbursement rates, it expects payers will
renew their focus on utilization management and payment integrity.
S&P said, "Furthermore, we expect Cotiviti's business will continue
to benefit from the integration of its acquisitions. The
integration of Verscend, Cotiviti, and HMS has led to the creation
of business with a more-robust set of offerings and a broader
customer base, which compounds the value of its products. The
recent HMS acquisition deepened Cotiviti's post-payment
capabilities, strengthened its payment integrity continuum by
adding the coordination of benefits, provided it with member
engagement solutions through the population health suite, and
diversified its current customer base with more midsize insurance
providers. The company is still integrating HMS and may achieve
further cost savings and synergies.
"The stable outlook reflects our expectation that the company will
increase its revenue by the low-teens percent area, maintain
healthy EBITDA margins in the low-40% area, and reduce its S&P
Global Ratings-adjusted leverage to about 8x in 2023 (from 9.3x as
of year-end 2022)."
S&P could lower its rating on Cotiviti if:
-- Its debt to EBITDA increases above 10x with no prospects for a
near-term improvement, likely because of a slowing top-line
expansion, operational disruptions, difficulty in achieving
synergies, increased competition, customer attrition, or a more
aggressive financial policy;
-- S&P expects the company will not be able to generate more than
$50 million of FOCF annually on a sustained basis; or
-- Its weighted average debt maturity falls below 2 years.
S&P said, "We could raise our rating on Cotiviti if we expect it
will sustain S&P Global Ratings-adjusted debt to EBITDA below the
mid-8x area with FOCF to debt of 4% or above. Under this scenario,
we would expect the business to continue strengthening its market
position while maintaining healthy EBITDA margins."
ESG credit indicators: E-2, S-2, G-3
S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis. Our highly leveraged
assessment of the company's financial risk profile as highly
leveraged reflects that its corporate decision-making prioritizes
the interests of its controlling owners, in line with our view of
the majority of rated entities owned by private-equity sponsors.
Our assessment also reflects private-equity owners' generally
finite holding periods and focus on maximizing shareholder
returns."
VIRGIN ORBIT: U.S. Trustee Appoints Creditors' Committee
--------------------------------------------------------
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Chapter 11 case of Virgin
Orbit Holdings, Inc.
The committee members are:
1. Arqit Limited
Attn: Tracy Mehr and Patrick Willcocks, Esq.
7th Floor, Nova North, 11 Bressenden Place
London England SW1E 5BY
Email: tracy.mehr@arqit.uk
patrick.willcocks@arqit.uk
2. Spire Global Subsidiary, Inc.
Attn: Robert W. Sproles
8000 Towers Crescent Drive, Suite 1100
Vienna, VA 22182
Email: Robert.sproles@spire.com
3. Barber-Nichols LLC
Attn: Daniel J. Thoren
6325 W. 55th Avenue
Arvada, CO
Phone: 585-343-2216
Fax: 585-343-1097
Email: dthoren@graham-mfg.com
4. Element Machine, LLC
Attn: Linda Lang
3121 E. LaPalma Avenue, Suite N
Anaheim, CA 92806
Phone: 714-905-5366 ext. 1001
Email: linda@elementmachine.com
5. Michael Mercado
c/o Robert Drexler, Esq.
Capstone Law APC
1875 Century Park East, Suite 1000
Los Angeles, CA 90067
Phone: 310-488-7081
Email: Robert.drexler@capstonelawyers.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About Virgin Orbit Holdings Inc.
Virgin Orbit Holdings, Inc (Nasdaq: VORB) --
http://www.virginorbit.com/-- operates one of the most flexible
and responsive space launch systems ever built. Founded by Sir
Richard Branson in 2017, the Company began commercial service in
2021, and has already delivered commercial, civil, national
security, and international satellites into orbit. Virgin Orbit's
LauncherOne rockets are designed and manufactured in Long Beach,
California, and are air-launched from a modified 747-400 carrier
aircraft that allows Virgin Orbit Holdings, Inc., to operate from
locations all over the world in order to best serve each customer's
needs.
Virgin Orbit Holdings LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10405) on April 4,
2023. The Debtor reported total assets of $242,978,000 and total
debts of $153,491,000 as of Sept. 30, 2022.
The Debtors tapped Young Conaweay Stargatt & Taylor, LLP and Latham
& Watkins, LLP as legal counsels; Ducera Partners, LLC as
investment banker and financial advisor; and Alvarez & Marsal North
America, LLC as restructuring advisor. Kroll Restructuring
Administration, LLC is the claims agent.
VOYAGER DIGITAL: Government's Bid to Stay Confirmation Order OK'd
-----------------------------------------------------------------
Judge Jennifer H. Rearden of the U.S. District Court for the
Southern District of New York grants the emergency motion of the
United States of America and the U.S. Trustee for Region 2 for a
stay pending appeal of the Bankruptcy Court's confirmation order.
On Dec. 22, 2022, Voyager Digital Holdings, Inc. and its affiliated
debtors filed the original version of the Plan. That version of the
Plan contained an "Exculpation Provision." Certain federal and
state governmental agencies filed objections to the Plan, including
the United States Securities and Exchange Commission and the U.S.
Trustee. The U.S. Trustee objected to the Plan's Exculpation
Provision, arguing that the non-debtor releases were
unconstitutional, violated the Bankruptcy Code, and were
inconsistent with Second Circuit law. The United States Attorney's
Office took the position that the exculpation language improperly
barred the Government from enforcing its laws and regulations in
the ordinary course against the Debtors and third parties in
connection with the Restructuring Transactions. This objection was
joined by the Federal Trade Commission and the New Jersey Bureau of
Securities. Likewise, the Texas State Securities Board and Texas
Department of Banking argued, inter alia, that the government
should be excluded from the broad exculpation language.
During oral argument on the Government's objection, the Bankruptcy
Court stated it would approve an Exculpation Provision insulating
Debtors and others from prospective governmental liability in
connection with their consummation of the transactions contemplated
in the Plan and related documents. Along the way, the Bankruptcy
Court expressly rejected the Government's argument that the court
did not have the authority to release criminal liability. At the
end of the Confirmation Hearing, the Court entered an Order
Approving the Second Amended Disclosure Statement and Confirming
the March 5 Plan.
The Bankruptcy Court denied the Government's motion for a stay. It
rejected as a "red herring" the Government's argument that the
Bankruptcy Court's exculpation order "might somehow be interpreted
as immunizing fraud, or theft, or tax avoidance." In so doing, the
Bankruptcy Court did not attempt to clarify the broad language in
the order that led to such a reading.
On appeal, Judge Rearden finds that the Government persuasively
contends that the rationale underlying Exculpation Provisions is to
"allow the settling parties. . . to engage in the give-and-take of
the bankruptcy proceeding without fear of subsequent litigation
over any potentially negligent actions in those proceedings." The
concerns raised by the Government here had, until recently, not
been considered. Permitting exculpation against all Government
action might require "all regulatory agencies (and there are
thousands) . . . to participate in all chapter 11 cases,
introducing extraordinary delay into the system and imposing an
impossible burden on the agencies." Using generic equity principles
to enjoin a future criminal prosecution violates "the general rule
that equity will not interfere with the criminal processes, by
entertaining actions for injunction or declaratory relief in
advance of criminal prosecution."
Judge Rearden next turns to the injury and public interest factors.
While all parties is threatened with unquantifiable and irreparable
injury in the event a stay is wrongly granted or denied, Judge
Rearden concludes that the balance of hardship lies with the
Government. There is a fundamentally strong public interest in the
Executive Branch's enforcement of the democratically enacted laws
of the United States. Furthermore, a stay pending appeal would
preserve the Government's -- and the public's -- right to
meaningful appellate review of the Exculpation Provision and the
significant issues raised here.
The appealed case is captioned as In re: VOYAGER DIGITAL HOLDINGS,
INC., et al., Debtors. UNITED STATES OF AMERICA, et al.,
Appellants, v. VOYAGER DIGITAL HOLDINGS, INC., et al., Appellees.,
Case No. 23 Civ. 02171 (JHR), (S.D.N.Y.).
A full-text copy of the Opinion & Order dated April 1, 2023, is
available https://tinyurl.com/cyypj6rf from Leagle.com.
About Voyager Digital Holdings
Based in Toronto, Canada, Voyager Digital Holdings Inc. --
https://www.investvoyager.com/ -- runs a cryptocurrency platform.
Voyager claims to offer a secure way to trade over 100 different
crypto assets using its easy-to-use mobile application. Through
its subsidiary Coinify ApS, Voyager provides crypto payment
solutions for both consumers and merchants around the globe.
Voyager Digital Holdings Inc. and two affiliates sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead
Case No. 22-10943) on July 5, 2022. In the petition filed by
Stephen Ehrlich, chief executive officer, the Debtors estimated
assets and liabilities between $1 billion and $10 billion.
Judge Michael E. Wiles oversees the cases.
The Debtors tapped Kirkland & Ellis, LLP as general bankruptcy
counsel; Berkeley Research Group, LLC as financial advisor; Moelis
& Company as investment banker; Consello Group as strategic
financial advisor; Deloitte Tax, LLP as tax services provider; and
Deloitte & Touche, LLP as accounting advisor. Stretto, Inc., is
the claims agent.
On July 19, 2022, the U.S. Trustee for Region 2 appointed an
official committee of unsecured creditors in these Chapter 11
cases. The committee tapped McDermott Will & Emery, LLP as
bankruptcy counsel; FTI Consulting, Inc. as financial advisor;
Cassels Brock & Blackwell, LLP as Canadian counsel; and Epiq
Corporate Restructuring, LLC as noticing and information agent.
The committee also tapped the services of Harney Westwood &
Riegels, LP, in connection with Three Arrows Capital Ltd.'s
liquidation proceedings in British Virgin Islands.
On July 6, 2022, the Debtors filed a joint Chapter 11 plan of
reorganization.
* * *
Following an auction process, the Debtors in September 2022
selected the bid submitted by FTX US' West Realm Shires Inc. as the
winning bid for the assets. But after a series of events, FTX
collapsed in November 2022, before the sale could be completed.
After reopening bidding, Voyager Digital selected the offer from
U.S. exchange BAM Trading Services Inc. (doing business as
"Binance.US") as the highest and best bid for its assets. Binance's
bid is valued at $1.022 billion.
WICKAPOGUE 1 LLC: Taps Rosewood Realty Group as Broker
------------------------------------------------------
Wickapogue 1, LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of New York to employ Rosewood Realty Group as
its broker.
The firm will assist the Debtor in arranging a joint venture,
financing or recapitalization, negotiate refinancing, and sell, net
lease or otherwise dispose of all or any portion of the Debtor's
real property located at 145 Wickapogue Road, Southampton, N.Y.
The firm will get 6 percent of the aggregate amount of gross
refinancing or restructured debt, recapitalization, and joint
venture investment.
As disclosed in court filings, Rosewood is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Greg Corbin
Rosewood Realty Group
38 East 29th Street, 5th Fl.
New York, NY 10016
Tel: (212) 359-9900
Email: info@rosewoodrealtygroup.com
About Wickapogue 1
Wickapogue 1, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
23-71048) on March 28, 2023, with $10 million to $50 million in
both assets and liabilities. David Goldwasser, chief restructuring
officer of Wickapogue 1, signed the petition.
Judge Robert E. Grossman oversees the case.
Jason A. Nagi, Esq., at Offit Kurman, P.A. represents the Debtor as
counsel.
WOM SA: S&P Downgrades ICR to 'B' on Persistently Higher Leverage
-----------------------------------------------------------------
On April 21, 2023, S&P Global Ratings lowered its issuer credit
ratings on Chilean telecom operator Wom S.A. to 'B' from 'B+'. At
the same time, S&P lowered the rating on senior unsecured notes
issued by the financing vehicle, Kenbourne Invest S.A. (and
guaranteed by Wom) to 'B' from 'B+'.
The stable outlook reflects that the company's revenue and margins
will continue rising but leverage will remain elevated for the next
12 months.
Wom's investment decisions including its participation in the 5G
bidding in 2021, and the more recent option to sell and lease back
towers and invest in Wom Colombia, coupled with upstreams (in the
form of dividends or loans) to the sponsor, have significantly
delayed the company's deleveraging. S&P-adjusted debt to EBITDA was
higher than expected--5.2x and 5.8x in 2021 and 2022,
respectively--and S&P believes it will exceed 5.0x in 2023 as well.
A relevant factor behind higher leverage in the past two years were
investments including capital expenditures (capex) for CLP223
billion (including CLP109 billion for spectrum) and CLP235 billion
in 2021 and 2022, respectively. These investments, representing
about 36% of revenues, are the drivers of the recent and future
business growth and margin expansion. However, in the same period,
Wom has also upstreamed to a shareholder about $54 million in 2021
and about $340 million in 2022. Wom funded the latter through
proceeds from the sale and lease back of its towers. S&P believes
this transaction illustrates the shareholder's leverage appetite.
The company received about $715 million during 2022--while it
reduced debt through a tender and repurchase of outstanding bonds
for about $300 million--lease obligations increased by about $350
million in 2022 and should increase by another $60 million in 2023
Therefore, the transaction lifted gross adjusted debt.
Additionally, the monetization of cross-currency swaps and
consequent entrance into a new swap contract at higher exchange
rates and securing a factoring program with IDB (Inter-American
Development Bank) to sell financed handsets also raised
S&P-adjusted gross debt.
S&P said, "Wom's investments in network should support consistent
expansion of the postpaid customer base, which we expect to grow
8%-10% in the next two years. At the same time, amid a more
challenging macroeconomic environment that's denting companies'
profitability and cash flows, there have already been some signs of
some moderation of competition in Chile's telecom market. Some
players have passed price increases or reduced promotional
activity, including Wom, which in turn should allow for at least a
stabilization in average revenue per user (ARPUs), which have been
falling for the past five years. These two factors, and a growing
relevance of the fiber business, should bolster Wom's revenue
growth. In this scenario, we forecast EBITDA will expand about 16%
in 2023 and 14% in 2024. However, we don't believe Wom's improved
performance will be enough to reduce leverage below 5.0x in 2023.
At the same time, the company has considerable investments related
to the 5G network deployment in 2023--we expect capex of about $230
million this year and falling to $130 million in 2024. Furthermore,
as long as there's excess cash and Wom complies with financial
restrictions as part of its bonds' terms and conditions, we believe
the financial sponsor could continue upstreaming dividends or
investments from Wom, or could further use the company as a vehicle
to partly finance Colombian operations. In addition, the company
has to refinance the outstanding $360 million notes that mature in
November 2024 under more challenging financial market conditions,
and higher funding costs will amplify pressure on its cash-flow
metrics.
"Wom's postpaid subscriber base reached 4.1 million by the end of
2022 (a 22% market share), up from 2.8 million in 2019 when we
initially rated the company, a 44% growth rate compared with 37% of
the industry in the same period. We expect Wom's postpaid
subscriber base to expand to 4.5 million in 2023. At the same time,
the company has efficiently managed its cost structure, boosting
margins. We believe EBITDA margin will rise to 31%-32% in 2023 from
26% in 2019. Moreover, the company has launched its fiber-to-home
(FTH) business, which should also push up revenue growth.
Currently, Wom has 1.2 million of homes passed with its fiber and
has 183,000 fiber subscribers. We expect this business to grow
considerably as there's room to improve substantially the take-up
rate, although it would still represent less than 10% of total
revenues in the next three years. Finally, the company closed the
spectrum gap with the other Chilean mobile operators. In the 2021
5G spectrum tender, Wom obtained spectrum in the four bands (400
MHz in the 26 GHz band, 50MHz in the 3.5 GHz band, 20MHz in the
700MHz band, and 30MHz in the AWS band). This will not only enable
Wom to start the 5G deployment but also to enhance its 4G coverage
and should support the company's growth and cost reduction through
lower national roaming expenses."
ESG credit indicators: E-2, S-2, G-3
S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Wom. Our assessment
of the company's financial risk profile as aggressive reflects
corporate decision-making that prioritizes the interests of the
controlling owners, in line with our view of the majority of rated
entities owned by private-equity sponsors. This also reflects their
generally finite holding periods and a focus on maximizing
shareholder returns."
ZOTEC PARTNERS: S&P Downgrades ICR to 'CCC' on Refinancing Risk
---------------------------------------------------------------
S&P Global Ratings lowered the issuer credit rating on Carmel,
Ind.-based revenue cycle management (RCM) provider Zotec Partners
LLC to 'CCC' from 'B-' and its issue-level rating on its first-lien
term loan to 'CCC' from 'B-'.
The negative rating outlook on Zotec Partners LLC indicates the
significant risk of a restructuring or distressed exchange
occurring sooner than the term loan maturity, which S&P would
likely consider a default.
The downgrade on Zotec Partners LLC reflects the refinancing risk
associated with the upcoming debt maturity of its term loan. Zotec
has to date been unable, perhaps due to difficult market
conditions, to successfully refinance its $307 million first-lien
term loan maturing Feb. 14, 2024. However, while the company
currently has this refinancing risk, S&P believes its operations in
2023 will improve from its performance in 2022, despite the loss of
its largest customer.
S&P said, "We expect the company to improve on 2022 performance.
Although we expect the loss of their largest customer, Optum, will
drive a revenue decline in 2023, we expect the combination of some
new contract wins coupled with operational strategic initiatives to
realign its cost structure will result in much better margins. For
2023, we expect revenue to decline about 13% due to the loss of the
Optum contract. However, we expect full-year S&P adjusted EBITDA
margins of about 20%-25% in 2023, a large increase from 15% in 2022
(excluding Optum termination adjustments). These measures continue
to be burdened by capitalized software development as elevated
costs from the terminated contract wind down, and the company's
cost-savings initiatives taken at the end of 2022 and new client
start-up costs are reflected in 2023 EBITDA.
"We believe Zotec's base organic growth is solid in the
low-single-digit range, notwithstanding some reimbursement risk in
its key areas . Zotec's strong bookings momentum in 2022 driven by
its ability to convert initial meetings to the implementation phase
continues in 2023. Meanwhile, the company's concentration in
radiology and emergency medicine could expose it to reimbursement
pressure. The Centers for Medicare & Medicaid Services (CMS)
released the calendar year 2023 Medicare Physicians fee schedule
(MPFS) final rule on Nov. 1, 2022, with an estimated 2% overall
decrease in radiology rates, affecting a substantial percentage of
company revenue. In our view, the company's emergency room
concentration also exposes it to payers continuing to seek ways to
reduce emergency room utilization. Reimbursement risk has been and
remains significant as the industry continues to try to avoid very
expensive emergency room care where possible. We believe the
pricing power of government payers, combined with the desire to
decrease health care costs, should somewhat constrain long-term
revenue growth for emergency room providers. Large and powerful
private third-party payers such as UnitedHealthcare will also
continue to pressure emergency room utilization and payment rates.
Nevertheless, we expect Zotec's increased focus on multispecialty
physicians, heightened focus on automation, same-store growth, and
net new bookings growth to offset this pressure."
The negative outlook reflects the risk that the company does not
refinance or completes a distressed exchange or restructuring ahead
of the 2024 maturity.
S&P said, "We could lower the rating if a default or distressed
exchange appeared to be inevitable within six months, absent
unanticipated significantly favorable change in the issuer's
circumstances.
"We could take a positive rating action if the company successfully
refinanced its term loan, and we believed the company would have
adequate liquidity over the next 12 months."
ESG credit indicators:E2, S2, G5
Governance factors are a very negative consideration in our credit
rating analysis of Zotec. This primarily reflects Zotec's
family-controlled ownership, a board structure that lacks any
independent members, and aggressive shareholder distributions that
could hinder stakeholders.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ABSOLUTE SOFTWRE ABST US 533.6 (8.8) (62.8)
ABSOLUTE SOFTWRE OU1 GR 533.6 (8.8) (62.8)
ABSOLUTE SOFTWRE ABST CN 533.6 (8.8) (62.8)
ABSOLUTE SOFTWRE ABT2EUR EU 533.6 (8.8) (62.8)
ABSOLUTE SOFTWRE OU1 GZ 533.6 (8.8) (62.8)
ACCELERATE DIAGN AXDX* MM 65.0 (22.3) (10.5)
AIR CANADA AC CN 29,507.0 (1,555.0) 312.0
AIR CANADA ADH2 GR 29,507.0 (1,555.0) 312.0
AIR CANADA ACEUR EU 29,507.0 (1,555.0) 312.0
AIR CANADA ADH2 TH 29,507.0 (1,555.0) 312.0
AIR CANADA ACDVF US 29,507.0 (1,555.0) 312.0
AIR CANADA ADH2 QT 29,507.0 (1,555.0) 312.0
AIR CANADA ACEUR EZ 29,507.0 (1,555.0) 312.0
AIR CANADA ADH2 GZ 29,507.0 (1,555.0) 312.0
ALNYLAM PHAR-BDR A1LN34 BZ 3,546.4 (158.2) 1,924.3
ALNYLAM PHARMACE ALNY US 3,546.4 (158.2) 1,924.3
ALNYLAM PHARMACE DUL GR 3,546.4 (158.2) 1,924.3
ALNYLAM PHARMACE DUL QT 3,546.4 (158.2) 1,924.3
ALNYLAM PHARMACE ALNYEUR EU 3,546.4 (158.2) 1,924.3
ALNYLAM PHARMACE DUL TH 3,546.4 (158.2) 1,924.3
ALNYLAM PHARMACE DUL SW 3,546.4 (158.2) 1,924.3
ALNYLAM PHARMACE ALNY* MM 3,546.4 (158.2) 1,924.3
ALNYLAM PHARMACE DUL GZ 3,546.4 (158.2) 1,924.3
ALNYLAM PHARMACE ALNYEUR EZ 3,546.4 (158.2) 1,924.3
ALPHATEC HOLDING L1Z1 GR 513.4 (13.1) 116.8
ALPHATEC HOLDING ATEC US 513.4 (13.1) 116.8
ALPHATEC HOLDING ATECEUR EU 513.4 (13.1) 116.8
ALPHATEC HOLDING L1Z1 GZ 513.4 (13.1) 116.8
ALTICE USA INC-A ATUS* MM 33,665.0 (503.9) (1,471.3)
ALTICE USA INC-A ATUS-RM RM 33,665.0 (503.9) (1,471.3)
ALTIRA GP-CEDEAR MOC AR 36,954.0 (3,923.0) (1,396.0)
ALTIRA GP-CEDEAR MOD AR 36,954.0 (3,923.0) (1,396.0)
ALTIRA GP-CEDEAR MO AR 36,954.0 (3,923.0) (1,396.0)
ALTRIA GROUP INC PHM7 GR 36,954.0 (3,923.0) (1,396.0)
ALTRIA GROUP INC MO* MM 36,954.0 (3,923.0) (1,396.0)
ALTRIA GROUP INC MO US 36,954.0 (3,923.0) (1,396.0)
ALTRIA GROUP INC MO SW 36,954.0 (3,923.0) (1,396.0)
ALTRIA GROUP INC MOEUR EU 36,954.0 (3,923.0) (1,396.0)
ALTRIA GROUP INC MO TE 36,954.0 (3,923.0) (1,396.0)
ALTRIA GROUP INC PHM7 TH 36,954.0 (3,923.0) (1,396.0)
ALTRIA GROUP INC MO CI 36,954.0 (3,923.0) (1,396.0)
ALTRIA GROUP INC PHM7 QT 36,954.0 (3,923.0) (1,396.0)
ALTRIA GROUP INC MOUSD SW 36,954.0 (3,923.0) (1,396.0)
ALTRIA GROUP INC PHM7 GZ 36,954.0 (3,923.0) (1,396.0)
ALTRIA GROUP INC 0R31 LI 36,954.0 (3,923.0) (1,396.0)
ALTRIA GROUP INC ALTR AV 36,954.0 (3,923.0) (1,396.0)
ALTRIA GROUP INC MOEUR EZ 36,954.0 (3,923.0) (1,396.0)
ALTRIA GROUP INC MOCL CI 36,954.0 (3,923.0) (1,396.0)
ALTRIA GROUP INC MO-RM RM 36,954.0 (3,923.0) (1,396.0)
ALTRIA GROUP INC PHM7 BU 36,954.0 (3,923.0) (1,396.0)
ALTRIA GROUP INC PHM7D EB 36,954.0 (3,923.0) (1,396.0)
ALTRIA GROUP INC PHM7D IX 36,954.0 (3,923.0) (1,396.0)
ALTRIA GROUP INC PHM7D I2 36,954.0 (3,923.0) (1,396.0)
ALTRIA GROUP-BDR MOOO34 BZ 36,954.0 (3,923.0) (1,396.0)
AMC ENTERTAINMEN AMC US 9,135.6 (2,624.5) (788.2)
AMC ENTERTAINMEN AH9 GR 9,135.6 (2,624.5) (788.2)
AMC ENTERTAINMEN AMC4EUR EU 9,135.6 (2,624.5) (788.2)
AMC ENTERTAINMEN AH9 TH 9,135.6 (2,624.5) (788.2)
AMC ENTERTAINMEN AH9 QT 9,135.6 (2,624.5) (788.2)
AMC ENTERTAINMEN AMC* MM 9,135.6 (2,624.5) (788.2)
AMC ENTERTAINMEN AH9 GZ 9,135.6 (2,624.5) (788.2)
AMC ENTERTAINMEN AH9 SW 9,135.6 (2,624.5) (788.2)
AMC ENTERTAINMEN AMC-RM RM 9,135.6 (2,624.5) (788.2)
AMC ENTERTAINMEN A2MC34 BZ 9,135.6 (2,624.5) (788.2)
AMC ENTERTAINMEN APE* MM 9,135.6 (2,624.5) (788.2)
AMC ENTERTAINMEN AH9 BU 9,135.6 (2,624.5) (788.2)
AMC ENTERTAINMEN AMCE AV 9,135.6 (2,624.5) (788.2)
AMERICAN AIR-BDR AALL34 BZ 64,716.0 (5,799.0) (6,227.0)
AMERICAN AIRLINE AAL US 64,716.0 (5,799.0) (6,227.0)
AMERICAN AIRLINE A1G GR 64,716.0 (5,799.0) (6,227.0)
AMERICAN AIRLINE AAL* MM 64,716.0 (5,799.0) (6,227.0)
AMERICAN AIRLINE A1G TH 64,716.0 (5,799.0) (6,227.0)
AMERICAN AIRLINE A1G QT 64,716.0 (5,799.0) (6,227.0)
AMERICAN AIRLINE A1G GZ 64,716.0 (5,799.0) (6,227.0)
AMERICAN AIRLINE AAL11EUR EU 64,716.0 (5,799.0) (6,227.0)
AMERICAN AIRLINE AAL AV 64,716.0 (5,799.0) (6,227.0)
AMERICAN AIRLINE AAL TE 64,716.0 (5,799.0) (6,227.0)
AMERICAN AIRLINE A1G SW 64,716.0 (5,799.0) (6,227.0)
AMERICAN AIRLINE 0HE6 LI 64,716.0 (5,799.0) (6,227.0)
AMERICAN AIRLINE AAL11EUR EZ 64,716.0 (5,799.0) (6,227.0)
AMERICAN AIRLINE AAL-RM RM 64,716.0 (5,799.0) (6,227.0)
AMERICAN AIRLINE AAL_KZ KZ 64,716.0 (5,799.0) (6,227.0)
AMPLIFY ENERGY C AMPY US 459.5 (4.6) (40.6)
AMPLIFY ENERGY C 2OQ GR 459.5 (4.6) (40.6)
AMPLIFY ENERGY C MPO2EUR EU 459.5 (4.6) (40.6)
AMPLIFY ENERGY C 2OQ TH 459.5 (4.6) (40.6)
AMPLIFY ENERGY C 2OQ GZ 459.5 (4.6) (40.6)
AMPLIFY ENERGY C 2OQ QT 459.5 (4.6) (40.6)
AMYRIS INC AMRS* MM 824.9 (467.7) (80.8)
AMYRIS INC A2MR34 BZ 824.9 (467.7) (80.8)
AON PLC-BDR A1ON34 BZ 32,704.0 (429.0) 417.0
AON PLC-CLASS A AON US 32,704.0 (429.0) 417.0
AON PLC-CLASS A 4VK GR 32,704.0 (429.0) 417.0
AON PLC-CLASS A 4VK QT 32,704.0 (429.0) 417.0
AON PLC-CLASS A 4VK TH 32,704.0 (429.0) 417.0
AON PLC-CLASS A AON1EUR EZ 32,704.0 (429.0) 417.0
AON PLC-CLASS A AON1EUR EU 32,704.0 (429.0) 417.0
AON PLC-CLASS A AONN MM 32,704.0 (429.0) 417.0
AON PLC-CLASS A 4VK GZ 32,704.0 (429.0) 417.0
ARBOR METALS COR ABR CN 0.2 (0.5) (0.0)
ATLAS TECHNICAL ATCX US 487.4 (126.4) 102.2
AUTOZONE INC AZO US 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC AZ5 TH 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC AZ5 GR 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC AZOEUR EU 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC AZ5 QT 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC AZO AV 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC AZ5 TE 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC AZO* MM 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC AZOEUR EZ 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC AZ5 GZ 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC AZO-RM RM 15,545.1 (4,184.2) (1,819.8)
AUTOZONE INC-BDR AZOI34 BZ 15,545.1 (4,184.2) (1,819.8)
AVALON ACQUISI-A AVAC US 212.6 (8.7) (0.1)
AVALON ACQUISI-A 6YL GR 212.6 (8.7) (0.1)
AVALON ACQUISI-A AVACEUR EU 212.6 (8.7) (0.1)
AVALON ACQUISITI AVACU US 212.6 (8.7) (0.1)
AVID TECHNOLOGY AVID US 287.5 (118.8) (11.6)
AVID TECHNOLOGY AVD GR 287.5 (118.8) (11.6)
AVID TECHNOLOGY AVD TH 287.5 (118.8) (11.6)
AVID TECHNOLOGY AVD GZ 287.5 (118.8) (11.6)
AVIS BUD-CEDEAR CAR AR 25,927.0 (700.0) (688.0)
AVIS BUDGET GROU CUCA GR 25,927.0 (700.0) (688.0)
AVIS BUDGET GROU CAR US 25,927.0 (700.0) (688.0)
AVIS BUDGET GROU CUCA QT 25,927.0 (700.0) (688.0)
AVIS BUDGET GROU CAR2EUR EU 25,927.0 (700.0) (688.0)
AVIS BUDGET GROU CAR* MM 25,927.0 (700.0) (688.0)
AVIS BUDGET GROU CAR2EUR EZ 25,927.0 (700.0) (688.0)
AVIS BUDGET GROU CUCA TH 25,927.0 (700.0) (688.0)
AVIS BUDGET GROU CUCA GZ 25,927.0 (700.0) (688.0)
BABCOCK & WILCOX BW US 942.7 (2.1) 185.6
BABCOCK & WILCOX UBW1 GR 942.7 (2.1) 185.6
BABCOCK & WILCOX BWEUR EU 942.7 (2.1) 185.6
BABYLON HOLDIN-A BBLN US 246.1 (255.9) 57.7
BABYLON HOLDIN-A 7UK0 QT 246.1 (255.9) 57.7
BABYLON HOLDIN-A 7UK0 GR 246.1 (255.9) 57.7
BABYLON HOLDIN-A BBLNEUR EU 246.1 (255.9) 57.7
BATH & BODY WORK LTD0 GR 5,494.0 (2,205.0) 887.0
BATH & BODY WORK LTD0 TH 5,494.0 (2,205.0) 887.0
BATH & BODY WORK BBWI US 5,494.0 (2,205.0) 887.0
BATH & BODY WORK LBEUR EU 5,494.0 (2,205.0) 887.0
BATH & BODY WORK BBWI* MM 5,494.0 (2,205.0) 887.0
BATH & BODY WORK LTD0 QT 5,494.0 (2,205.0) 887.0
BATH & BODY WORK BBWI AV 5,494.0 (2,205.0) 887.0
BATH & BODY WORK LBEUR EZ 5,494.0 (2,205.0) 887.0
BATH & BODY WORK LTD0 GZ 5,494.0 (2,205.0) 887.0
BATH & BODY WORK BBWI-RM RM 5,494.0 (2,205.0) 887.0
BED BATH &BEYOND BBBY* MM 4,401.4 (798.6) (694.1)
BED BATH &BEYOND BBBY-RM RM 4,401.4 (798.6) (694.1)
BELLRING BRANDS BRBR US 735.0 (370.3) 304.9
BELLRING BRANDS D51 TH 735.0 (370.3) 304.9
BELLRING BRANDS BRBR2EUR EU 735.0 (370.3) 304.9
BELLRING BRANDS D51 GR 735.0 (370.3) 304.9
BELLRING BRANDS D51 QT 735.0 (370.3) 304.9
BEYOND MEAT INC BYND US 1,062.2 (203.5) 530.6
BEYOND MEAT INC 0Q3 GR 1,062.2 (203.5) 530.6
BEYOND MEAT INC 0Q3 GZ 1,062.2 (203.5) 530.6
BEYOND MEAT INC BYNDEUR EU 1,062.2 (203.5) 530.6
BEYOND MEAT INC 0Q3 TH 1,062.2 (203.5) 530.6
BEYOND MEAT INC 0Q3 QT 1,062.2 (203.5) 530.6
BEYOND MEAT INC BYND AV 1,062.2 (203.5) 530.6
BEYOND MEAT INC 0Q3 SW 1,062.2 (203.5) 530.6
BEYOND MEAT INC 0A20 LI 1,062.2 (203.5) 530.6
BEYOND MEAT INC BYNDEUR EZ 1,062.2 (203.5) 530.6
BEYOND MEAT INC 0Q3 TE 1,062.2 (203.5) 530.6
BEYOND MEAT INC BYND* MM 1,062.2 (203.5) 530.6
BEYOND MEAT INC B2YN34 BZ 1,062.2 (203.5) 530.6
BEYOND MEAT INC BYND-RM RM 1,062.2 (203.5) 530.6
BIOCRYST PHARM BO1 TH 550.0 (294.6) 411.0
BIOCRYST PHARM BCRX US 550.0 (294.6) 411.0
BIOCRYST PHARM BO1 GR 550.0 (294.6) 411.0
BIOCRYST PHARM BO1 QT 550.0 (294.6) 411.0
BIOCRYST PHARM BCRXEUR EU 550.0 (294.6) 411.0
BIOCRYST PHARM BCRX* MM 550.0 (294.6) 411.0
BIOCRYST PHARM BCRXEUR EZ 550.0 (294.6) 411.0
BIOTE CORP-A BTMD US 111.6 (58.3) 82.4
BLUE BIRD CORP BLBD US 351.6 (9.2) (26.4)
BLUE BIRD CORP 4RB GR 351.6 (9.2) (26.4)
BLUE BIRD CORP 4RB GZ 351.6 (9.2) (26.4)
BLUE BIRD CORP BLBDEUR EU 351.6 (9.2) (26.4)
BLUE BIRD CORP 4RB TH 351.6 (9.2) (26.4)
BLUE BIRD CORP 4RB QT 351.6 (9.2) (26.4)
BOEING CO-BDR BOEI34 BZ 137,100.0 (15,848.0) 19,471.0
BOEING CO-CED BA AR 137,100.0 (15,848.0) 19,471.0
BOEING CO-CED BAD AR 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BA EU 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BCO GR 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BAEUR EU 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BA TE 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BA* MM 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BA SW 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BOEI BB 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BA US 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BCO TH 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BA PE 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BOE LN 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BA CI 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BCO QT 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BAUSD SW 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BCO GZ 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BA AV 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BA-RM RM 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BAEUR EZ 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BA EZ 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BACL CI 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BA_KZ KZ 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BCOD EB 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BCOD IX 137,100.0 (15,848.0) 19,471.0
BOEING CO/THE BCOD I2 137,100.0 (15,848.0) 19,471.0
BOMBARDIER INC-A BBD/A CN 12,324.0 (2,762.0) 148.0
BOMBARDIER INC-A BDRAF US 12,324.0 (2,762.0) 148.0
BOMBARDIER INC-A BBD GR 12,324.0 (2,762.0) 148.0
BOMBARDIER INC-A BBD/AEUR EU 12,324.0 (2,762.0) 148.0
BOMBARDIER INC-A BBD GZ 12,324.0 (2,762.0) 148.0
BOMBARDIER INC-B BBD/B CN 12,324.0 (2,762.0) 148.0
BOMBARDIER INC-B BBDC GR 12,324.0 (2,762.0) 148.0
BOMBARDIER INC-B BDRBF US 12,324.0 (2,762.0) 148.0
BOMBARDIER INC-B BBDC TH 12,324.0 (2,762.0) 148.0
BOMBARDIER INC-B BBDBN MM 12,324.0 (2,762.0) 148.0
BOMBARDIER INC-B BBD/BEUR EU 12,324.0 (2,762.0) 148.0
BOMBARDIER INC-B BBDC GZ 12,324.0 (2,762.0) 148.0
BOMBARDIER INC-B BBD/BEUR EZ 12,324.0 (2,762.0) 148.0
BOMBARDIER INC-B BBDC QT 12,324.0 (2,762.0) 148.0
BOX INC- CLASS A BOX US 1,207.2 (33.9) 90.9
BOX INC- CLASS A 3BX GR 1,207.2 (33.9) 90.9
BOX INC- CLASS A 3BX TH 1,207.2 (33.9) 90.9
BOX INC- CLASS A 3BX QT 1,207.2 (33.9) 90.9
BOX INC- CLASS A BOXEUR EU 1,207.2 (33.9) 90.9
BOX INC- CLASS A BOXEUR EZ 1,207.2 (33.9) 90.9
BOX INC- CLASS A 3BX GZ 1,207.2 (33.9) 90.9
BOX INC- CLASS A BOX-RM RM 1,207.2 (33.9) 90.9
BRIACELL THERAPE BCT CN 45.5 (1.7) 44.3
BRIDGEBIO PHARMA BBIO US 623.0 (1,244.9) 427.4
BRIDGEBIO PHARMA 2CL GR 623.0 (1,244.9) 427.4
BRIDGEBIO PHARMA 2CL GZ 623.0 (1,244.9) 427.4
BRIDGEBIO PHARMA BBIOEUR EU 623.0 (1,244.9) 427.4
BRIDGEBIO PHARMA 2CL TH 623.0 (1,244.9) 427.4
BRIGHTSPHERE INV BSIG US 518.7 (21.6) -
BRIGHTSPHERE INV 2B9 GR 518.7 (21.6) -
BRIGHTSPHERE INV BSIGEUR EU 518.7 (21.6) -
BRIGHTSPHERE INV 2B9 GZ 518.7 (21.6) -
BRINKER INTL EAT US 2,519.6 (267.5) (336.3)
BRINKER INTL BKJ GR 2,519.6 (267.5) (336.3)
BRINKER INTL BKJ QT 2,519.6 (267.5) (336.3)
BRINKER INTL EAT2EUR EU 2,519.6 (267.5) (336.3)
BRINKER INTL BKJ TH 2,519.6 (267.5) (336.3)
BROOKFIELD INF-A BIPC CN 10,178.0 (361.0) (3,066.0)
BROOKFIELD INF-A BIPC US 10,178.0 (361.0) (3,066.0)
CALUMET SPECIALT CLMT US 2,741.8 (287.7) (531.7)
CARDINAL HEA BDR C1AH34 BZ 44,482.0 (2,212.0) 1,384.0
CARDINAL HEALTH CAH US 44,482.0 (2,212.0) 1,384.0
CARDINAL HEALTH CLH GR 44,482.0 (2,212.0) 1,384.0
CARDINAL HEALTH CLH TH 44,482.0 (2,212.0) 1,384.0
CARDINAL HEALTH CLH QT 44,482.0 (2,212.0) 1,384.0
CARDINAL HEALTH CAHEUR EU 44,482.0 (2,212.0) 1,384.0
CARDINAL HEALTH CLH GZ 44,482.0 (2,212.0) 1,384.0
CARDINAL HEALTH CAH* MM 44,482.0 (2,212.0) 1,384.0
CARDINAL HEALTH CAHEUR EZ 44,482.0 (2,212.0) 1,384.0
CARDINAL HEALTH CAH-RM RM 44,482.0 (2,212.0) 1,384.0
CARDINAL-CEDEAR CAH AR 44,482.0 (2,212.0) 1,384.0
CARDINAL-CEDEAR CAHC AR 44,482.0 (2,212.0) 1,384.0
CARDINAL-CEDEAR CAHD AR 44,482.0 (2,212.0) 1,384.0
CARVANA CO CVNA US 8,698.0 (1,053.0) 2,002.0
CARVANA CO CV0 TH 8,698.0 (1,053.0) 2,002.0
CARVANA CO CV0 QT 8,698.0 (1,053.0) 2,002.0
CARVANA CO CVNAEUR EU 8,698.0 (1,053.0) 2,002.0
CARVANA CO CV0 GR 8,698.0 (1,053.0) 2,002.0
CARVANA CO CV0 GZ 8,698.0 (1,053.0) 2,002.0
CARVANA CO CVNAEUR EZ 8,698.0 (1,053.0) 2,002.0
CARVANA CO CVNA* MM 8,698.0 (1,053.0) 2,002.0
CARVANA CO CVNA-RM RM 8,698.0 (1,053.0) 2,002.0
CEDAR FAIR LP FUN US 2,235.9 (591.6) (153.2)
CENTRUS ENERGY-A LEU US 705.5 (74.1) 137.9
CENTRUS ENERGY-A 4CU TH 705.5 (74.1) 137.9
CENTRUS ENERGY-A 4CU GR 705.5 (74.1) 137.9
CENTRUS ENERGY-A LEUEUR EU 705.5 (74.1) 137.9
CENTRUS ENERGY-A 4CU GZ 705.5 (74.1) 137.9
CENTRUS ENERGY-A 4CU QT 705.5 (74.1) 137.9
CHENIERE ENERGY LNG US 41,266.0 (171.0) (1,187.0)
CHENIERE ENERGY CHQ1 GR 41,266.0 (171.0) (1,187.0)
CHENIERE ENERGY CQP US 19,633.0 (2,131.0) 199.0
CHENIERE ENERGY CHQ1 TH 41,266.0 (171.0) (1,187.0)
CHENIERE ENERGY CHQ1 QT 41,266.0 (171.0) (1,187.0)
CHENIERE ENERGY LNG2EUR EU 41,266.0 (171.0) (1,187.0)
CHENIERE ENERGY LNG* MM 41,266.0 (171.0) (1,187.0)
CHENIERE ENERGY CHQ1 SW 41,266.0 (171.0) (1,187.0)
CHENIERE ENERGY LNG2EUR EZ 41,266.0 (171.0) (1,187.0)
CHENIERE ENERGY CHQ1 GZ 41,266.0 (171.0) (1,187.0)
CINEPLEX INC CGX CN 2,150.5 (211.8) (310.3)
CINEPLEX INC CX0 GR 2,150.5 (211.8) (310.3)
CINEPLEX INC CPXGF US 2,150.5 (211.8) (310.3)
CINEPLEX INC CX0 TH 2,150.5 (211.8) (310.3)
CINEPLEX INC CGXEUR EU 2,150.5 (211.8) (310.3)
CINEPLEX INC CGXN MM 2,150.5 (211.8) (310.3)
CINEPLEX INC CX0 GZ 2,150.5 (211.8) (310.3)
COGENT COMMUNICA CCOI US 1,010.2 (518.6) 245.6
COGENT COMMUNICA OGM1 GR 1,010.2 (518.6) 245.6
COGENT COMMUNICA CCOIEUR EU 1,010.2 (518.6) 245.6
COGENT COMMUNICA CCOI* MM 1,010.2 (518.6) 245.6
COHERUS BIOSCIEN CHRS US 480.8 (137.4) 242.5
COHERUS BIOSCIEN 8C5 GR 480.8 (137.4) 242.5
COHERUS BIOSCIEN 8C5 TH 480.8 (137.4) 242.5
COHERUS BIOSCIEN CHRSEUR EU 480.8 (137.4) 242.5
COHERUS BIOSCIEN 8C5 QT 480.8 (137.4) 242.5
COHERUS BIOSCIEN CHRSEUR EZ 480.8 (137.4) 242.5
COHERUS BIOSCIEN 8C5 GZ 480.8 (137.4) 242.5
COMMSCOPE HOLDIN COMM US 11,685.4 (445.7) 1,618.7
COMMSCOPE HOLDIN CM9 GR 11,685.4 (445.7) 1,618.7
COMMSCOPE HOLDIN COMMEUR EU 11,685.4 (445.7) 1,618.7
COMMSCOPE HOLDIN CM9 TH 11,685.4 (445.7) 1,618.7
COMMUNITY HEALTH CYH US 14,669.0 (734.0) 896.0
COMMUNITY HEALTH CG5 GR 14,669.0 (734.0) 896.0
COMMUNITY HEALTH CG5 TH 14,669.0 (734.0) 896.0
COMMUNITY HEALTH CG5 QT 14,669.0 (734.0) 896.0
COMMUNITY HEALTH CYH1EUR EU 14,669.0 (734.0) 896.0
COMMUNITY HEALTH CG5 GZ 14,669.0 (734.0) 896.0
COMPOSECURE INC CMPO US 162.9 (292.0) 52.1
CONSENSUS CLOUD CCSI US 633.9 (255.3) 65.2
CONTANGO ORE INC CTGO US 23.3 (0.8) 8.4
CPI CARD GROUP I PMTS US 296.7 (82.1) 99.6
CPI CARD GROUP I CPB1 GR 296.7 (82.1) 99.6
CPI CARD GROUP I PMTSEUR EU 296.7 (82.1) 99.6
CTI BIOPHARMA CO CEPS QT 123.5 (16.8) 77.6
CTI BIOPHARMA CO CTIC US 123.5 (16.8) 77.6
CTI BIOPHARMA CO CEPS GR 123.5 (16.8) 77.6
CTI BIOPHARMA CO CTIC1EUR EZ 123.5 (16.8) 77.6
CTI BIOPHARMA CO CTIC1EUR EU 123.5 (16.8) 77.6
CTI BIOPHARMA CO CEPS TH 123.5 (16.8) 77.6
CUTERA INC TJ9 GR 521.0 (15.2) 345.4
CUTERA INC CUTR US 521.0 (15.2) 345.4
CUTERA INC TJ9 TH 521.0 (15.2) 345.4
CUTERA INC CUTREUR EU 521.0 (15.2) 345.4
CUTERA INC TJ9 QT 521.0 (15.2) 345.4
CUTERA INC CUTREUR EZ 521.0 (15.2) 345.4
CYTOKINETICS INC CYTK US 1,014.8 (107.9) 710.6
CYTOKINETICS INC KK3A GR 1,014.8 (107.9) 710.6
CYTOKINETICS INC KK3A QT 1,014.8 (107.9) 710.6
CYTOKINETICS INC CYTKEUR EU 1,014.8 (107.9) 710.6
CYTOKINETICS INC KK3A TH 1,014.8 (107.9) 710.6
CYTOKINETICS INC CYTKEUR EZ 1,014.8 (107.9) 710.6
DELEK LOGISTICS DKL US 1,679.3 (110.7) (41.0)
DELL TECHN-C DELL US 89,611.0 (3,025.0) (9,303.0)
DELL TECHN-C 12DA TH 89,611.0 (3,025.0) (9,303.0)
DELL TECHN-C 12DA GR 89,611.0 (3,025.0) (9,303.0)
DELL TECHN-C 12DA GZ 89,611.0 (3,025.0) (9,303.0)
DELL TECHN-C DELL1EUR EU 89,611.0 (3,025.0) (9,303.0)
DELL TECHN-C DELLC* MM 89,611.0 (3,025.0) (9,303.0)
DELL TECHN-C 12DA QT 89,611.0 (3,025.0) (9,303.0)
DELL TECHN-C DELL AV 89,611.0 (3,025.0) (9,303.0)
DELL TECHN-C DELL1EUR EZ 89,611.0 (3,025.0) (9,303.0)
DELL TECHN-C DELL-RM RM 89,611.0 (3,025.0) (9,303.0)
DELL TECHN-C-BDR D1EL34 BZ 89,611.0 (3,025.0) (9,303.0)
DENNY'S CORP DE8 GR 498.3 (37.1) (43.3)
DENNY'S CORP DENN US 498.3 (37.1) (43.3)
DENNY'S CORP DENNEUR EU 498.3 (37.1) (43.3)
DENNY'S CORP DE8 TH 498.3 (37.1) (43.3)
DENNY'S CORP DE8 GZ 498.3 (37.1) (43.3)
DIEBOLD NIXDORF DBD SW 3,065.0 (1,371.1) 166.0
DINE BRANDS GLOB DIN US 1,881.5 (301.1) 9.0
DINE BRANDS GLOB IHP GR 1,881.5 (301.1) 9.0
DINE BRANDS GLOB IHP TH 1,881.5 (301.1) 9.0
DINE BRANDS GLOB IHP GZ 1,881.5 (301.1) 9.0
DIVERSIFIED ENER DEC LN - - -
DIVERSIFIED ENER DGOCGBX EU - - -
DIVERSIFIED ENER DECL PO - - -
DIVERSIFIED ENER DECL L3 - - -
DIVERSIFIED ENER DECL B3 - - -
DIVERSIFIED ENER DECL TQ - - -
DIVERSIFIED ENER DGOCGBX EP - - -
DIVERSIFIED ENER DGOCGBX EZ - - -
DIVERSIFIED ENER DECL IX - - -
DIVERSIFIED ENER DECL EB - - -
DIVERSIFIED ENER DECL QX - - -
DIVERSIFIED ENER DECL BQ - - -
DIVERSIFIED ENER DECL S1 - - -
DOMINO'S P - BDR D2PZ34 BZ 1,602.2 (4,189.1) 254.0
DOMINO'S PIZZA EZV TH 1,602.2 (4,189.1) 254.0
DOMINO'S PIZZA EZV GR 1,602.2 (4,189.1) 254.0
DOMINO'S PIZZA DPZ US 1,602.2 (4,189.1) 254.0
DOMINO'S PIZZA EZV QT 1,602.2 (4,189.1) 254.0
DOMINO'S PIZZA DPZEUR EU 1,602.2 (4,189.1) 254.0
DOMINO'S PIZZA DPZ AV 1,602.2 (4,189.1) 254.0
DOMINO'S PIZZA DPZ* MM 1,602.2 (4,189.1) 254.0
DOMINO'S PIZZA EZV GZ 1,602.2 (4,189.1) 254.0
DOMINO'S PIZZA DPZEUR EZ 1,602.2 (4,189.1) 254.0
DOMINO'S PIZZA DPZ-RM RM 1,602.2 (4,189.1) 254.0
DOMO INC- CL B DOMO US 242.1 (146.4) (79.8)
DOMO INC- CL B 1ON GR 242.1 (146.4) (79.8)
DOMO INC- CL B 1ON GZ 242.1 (146.4) (79.8)
DOMO INC- CL B DOMOEUR EU 242.1 (146.4) (79.8)
DOMO INC- CL B 1ON TH 242.1 (146.4) (79.8)
DOMO INC- CL B 1ON QT 242.1 (146.4) (79.8)
DROPBOX INC-A DBX US 3,110.1 (309.4) 293.3
DROPBOX INC-A 1Q5 GR 3,110.1 (309.4) 293.3
DROPBOX INC-A 1Q5 SW 3,110.1 (309.4) 293.3
DROPBOX INC-A 1Q5 TH 3,110.1 (309.4) 293.3
DROPBOX INC-A 1Q5 QT 3,110.1 (309.4) 293.3
DROPBOX INC-A DBXEUR EU 3,110.1 (309.4) 293.3
DROPBOX INC-A DBX AV 3,110.1 (309.4) 293.3
DROPBOX INC-A DBX* MM 3,110.1 (309.4) 293.3
DROPBOX INC-A DBXEUR EZ 3,110.1 (309.4) 293.3
DROPBOX INC-A 1Q5 GZ 3,110.1 (309.4) 293.3
DROPBOX INC-A DBX-RM RM 3,110.1 (309.4) 293.3
EF HUTTON ACQUIS EFHT US 118.0 (3.5) 0.0
EMBECTA CORP EMBC US 1,196.9 (836.1) 391.4
EMBECTA CORP EMBC* MM 1,196.9 (836.1) 391.4
EMBECTA CORP JX7 GR 1,196.9 (836.1) 391.4
EMBECTA CORP JX7 QT 1,196.9 (836.1) 391.4
EMBECTA CORP EMBC1EUR EZ 1,196.9 (836.1) 391.4
EMBECTA CORP EMBC1EUR EU 1,196.9 (836.1) 391.4
EMBECTA CORP JX7 GZ 1,196.9 (836.1) 391.4
EMBECTA CORP JX7 TH 1,196.9 (836.1) 391.4
ESPERION THERAPE ESPREUR EZ 247.9 (323.8) 154.4
ETSY INC ETSY US 2,635.0 (547.3) 882.0
ETSY INC 3E2 GR 2,635.0 (547.3) 882.0
ETSY INC 3E2 TH 2,635.0 (547.3) 882.0
ETSY INC 3E2 QT 2,635.0 (547.3) 882.0
ETSY INC 2E2 GZ 2,635.0 (547.3) 882.0
ETSY INC ETSY AV 2,635.0 (547.3) 882.0
ETSY INC ETSYEUR EZ 2,635.0 (547.3) 882.0
ETSY INC ETSY* MM 2,635.0 (547.3) 882.0
ETSY INC ETSY-RM RM 2,635.0 (547.3) 882.0
ETSY INC - BDR E2TS34 BZ 2,635.0 (547.3) 882.0
ETSY INC - CEDEA ETSY AR 2,635.0 (547.3) 882.0
FAIR ISAAC - BDR F2IC34 BZ 1,458.7 (802.1) 128.8
FAIR ISAAC CORP FRI GR 1,458.7 (802.1) 128.8
FAIR ISAAC CORP FICO US 1,458.7 (802.1) 128.8
FAIR ISAAC CORP FICOEUR EU 1,458.7 (802.1) 128.8
FAIR ISAAC CORP FRI QT 1,458.7 (802.1) 128.8
FAIR ISAAC CORP FICOEUR EZ 1,458.7 (802.1) 128.8
FAIR ISAAC CORP FICO1* MM 1,458.7 (802.1) 128.8
FAIR ISAAC CORP FRI GZ 1,458.7 (802.1) 128.8
FENNEC PHARMACEU FRX CN 26.9 (2.6) 22.1
FENNEC PHARMACEU FENC US 26.9 (2.6) 22.1
FENNEC PHARMACEU RV41 TH 26.9 (2.6) 22.1
FENNEC PHARMACEU RV41 GR 26.9 (2.6) 22.1
FENNEC PHARMACEU FRXEUR EU 26.9 (2.6) 22.1
FENNEC PHARMACEU RV41 GZ 26.9 (2.6) 22.1
FERRELLGAS PAR-B FGPRB US 1,641.0 (221.8) 201.1
FERRELLGAS-LP FGPR US 1,641.0 (221.8) 201.1
FIBROGEN INC FGEN US 610.1 (1.5) 219.3
FIBROGEN INC 1FG GR 610.1 (1.5) 219.3
FIBROGEN INC FGEN* MM 610.1 (1.5) 219.3
FIBROGEN INC 1FG TH 610.1 (1.5) 219.3
FIBROGEN INC 1FG QT 610.1 (1.5) 219.3
FIBROGEN INC FGENEUR EU 610.1 (1.5) 219.3
FIBROGEN INC FGENEUR EZ 610.1 (1.5) 219.3
FIBROGEN INC FGEN-RM RM 610.1 (1.5) 219.3
FORTINET INC FTNT US 6,228.0 (281.6) 732.0
FORTINET INC FO8 TH 6,228.0 (281.6) 732.0
FORTINET INC FO8 GR 6,228.0 (281.6) 732.0
FORTINET INC FTNTEUR EU 6,228.0 (281.6) 732.0
FORTINET INC FO8 QT 6,228.0 (281.6) 732.0
FORTINET INC FO8 SW 6,228.0 (281.6) 732.0
FORTINET INC FTNT* MM 6,228.0 (281.6) 732.0
FORTINET INC FTNTEUR EZ 6,228.0 (281.6) 732.0
FORTINET INC FO8 GZ 6,228.0 (281.6) 732.0
FORTINET INC FTNT-RM RM 6,228.0 (281.6) 732.0
FORTINET INC FTNT_KZ KZ 6,228.0 (281.6) 732.0
FORTINET INC-BDR F1TN34 BZ 6,228.0 (281.6) 732.0
GCM GROSVENOR-A GCMG US 488.9 (94.0) 133.5
GENELUX CORP GNLX US 10.2 (36.5) (21.3)
GODADDY INC -BDR G2DD34 BZ 6,973.5 (329.3) (877.2)
GODADDY INC-A GDDY US 6,973.5 (329.3) (877.2)
GODADDY INC-A 38D GR 6,973.5 (329.3) (877.2)
GODADDY INC-A 38D QT 6,973.5 (329.3) (877.2)
GODADDY INC-A GDDY* MM 6,973.5 (329.3) (877.2)
GODADDY INC-A 38D TH 6,973.5 (329.3) (877.2)
GODADDY INC-A 38D GZ 6,973.5 (329.3) (877.2)
GOGO INC GOGO US 759.5 (101.9) 239.8
GOGO INC G0G GR 759.5 (101.9) 239.8
GOGO INC G0G QT 759.5 (101.9) 239.8
GOGO INC GOGOEUR EU 759.5 (101.9) 239.8
GOGO INC G0G TH 759.5 (101.9) 239.8
GOGO INC G0G GZ 759.5 (101.9) 239.8
GOOSEHEAD INSU-A GSHD US 321.4 (33.6) 17.0
GOOSEHEAD INSU-A 2OX GR 321.4 (33.6) 17.0
GOOSEHEAD INSU-A GSHDEUR EU 321.4 (33.6) 17.0
GOOSEHEAD INSU-A 2OX TH 321.4 (33.6) 17.0
GOOSEHEAD INSU-A 2OX QT 321.4 (33.6) 17.0
H&R BLOCK - BDR H1RB34 BZ 2,593.2 (643.5) 130.0
H&R BLOCK INC HRB US 2,593.2 (643.5) 130.0
H&R BLOCK INC HRB GR 2,593.2 (643.5) 130.0
H&R BLOCK INC HRB TH 2,593.2 (643.5) 130.0
H&R BLOCK INC HRB QT 2,593.2 (643.5) 130.0
H&R BLOCK INC HRBEUR EU 2,593.2 (643.5) 130.0
H&R BLOCK INC HRB GZ 2,593.2 (643.5) 130.0
H&R BLOCK INC HRB-RM RM 2,593.2 (643.5) 130.0
HCM ACQUISITI-A HCMA US 295.2 276.9 1.0
HERBALIFE NUTRIT HOO GR 2,732.0 (1,265.9) 379.5
HERBALIFE NUTRIT HLF US 2,732.0 (1,265.9) 379.5
HERBALIFE NUTRIT HLFEUR EU 2,732.0 (1,265.9) 379.5
HERBALIFE NUTRIT HOO QT 2,732.0 (1,265.9) 379.5
HERBALIFE NUTRIT HOO GZ 2,732.0 (1,265.9) 379.5
HERBALIFE NUTRIT HLFEUR EZ 2,732.0 (1,265.9) 379.5
HERBALIFE NUTRIT HOO TH 2,732.0 (1,265.9) 379.5
HEWLETT-CEDEAR HPQD AR 36,148.0 (3,730.0) (7,748.0)
HEWLETT-CEDEAR HPQC AR 36,148.0 (3,730.0) (7,748.0)
HEWLETT-CEDEAR HPQ AR 36,148.0 (3,730.0) (7,748.0)
HILTON WORLD-BDR H1LT34 BZ 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HLT US 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HI91 TH 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HI91 GR 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HI91 QT 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HLTEUR EU 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HLT* MM 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HI91 TE 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HLTEUR EZ 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HLTW AV 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HI91 GZ 15,512.0 (1,098.0) (502.0)
HILTON WORLDWIDE HLT-RM RM 15,512.0 (1,098.0) (502.0)
HORIZON ACQUIS-A HZON US 173.2 (30.6) (8.0)
HORIZON ACQUISIT HZON/U US 173.2 (30.6) (8.0)
HP COMPANY-BDR HPQB34 BZ 36,148.0 (3,730.0) (7,748.0)
HP INC HPQ* MM 36,148.0 (3,730.0) (7,748.0)
HP INC HPQ US 36,148.0 (3,730.0) (7,748.0)
HP INC 7HP TH 36,148.0 (3,730.0) (7,748.0)
HP INC 7HP GR 36,148.0 (3,730.0) (7,748.0)
HP INC HPQ TE 36,148.0 (3,730.0) (7,748.0)
HP INC HPQ CI 36,148.0 (3,730.0) (7,748.0)
HP INC HPQ SW 36,148.0 (3,730.0) (7,748.0)
HP INC 7HP QT 36,148.0 (3,730.0) (7,748.0)
HP INC HPQUSD SW 36,148.0 (3,730.0) (7,748.0)
HP INC HPQEUR EU 36,148.0 (3,730.0) (7,748.0)
HP INC 7HP GZ 36,148.0 (3,730.0) (7,748.0)
HP INC HPQ AV 36,148.0 (3,730.0) (7,748.0)
HP INC HPQEUR EZ 36,148.0 (3,730.0) (7,748.0)
HP INC HPQ-RM RM 36,148.0 (3,730.0) (7,748.0)
HP INC HPQCL CI 36,148.0 (3,730.0) (7,748.0)
HP INC 7HPD EB 36,148.0 (3,730.0) (7,748.0)
HP INC 7HPD IX 36,148.0 (3,730.0) (7,748.0)
HP INC 7HPD I2 36,148.0 (3,730.0) (7,748.0)
INSEEGO CORP INSG-RM RM 159.0 (70.1) 21.4
INSPIRATO INC ISPO* MM 430.4 (75.0) (161.2)
INSPIRED ENTERTA INSE US 309.4 (57.7) 53.9
INSPIRED ENTERTA 4U8 GR 309.4 (57.7) 53.9
INSPIRED ENTERTA INSEEUR EU 309.4 (57.7) 53.9
J. JILL INC JILL US 466.4 (0.2) 33.8
J. JILL INC 1MJ1 GR 466.4 (0.2) 33.8
J. JILL INC JILLEUR EU 466.4 (0.2) 33.8
J. JILL INC 1MJ1 GZ 466.4 (0.2) 33.8
JACK IN THE BOX JBX GR 2,907.0 (703.1) (197.0)
JACK IN THE BOX JACK US 2,907.0 (703.1) (197.0)
JACK IN THE BOX JACK1EUR EU 2,907.0 (703.1) (197.0)
JACK IN THE BOX JBX GZ 2,907.0 (703.1) (197.0)
JACK IN THE BOX JBX QT 2,907.0 (703.1) (197.0)
KARYOPHARM THERA KPTI US 358.2 (16.7) 284.3
KARYOPHARM THERA 25K GR 358.2 (16.7) 284.3
KARYOPHARM THERA KPTIEUR EU 358.2 (16.7) 284.3
KARYOPHARM THERA 25K TH 358.2 (16.7) 284.3
KARYOPHARM THERA 25K GZ 358.2 (16.7) 284.3
KARYOPHARM THERA 25K QT 358.2 (16.7) 284.3
KLX ENERGY SERVI KLXE US 465.9 (15.8) 100.3
KLX ENERGY SERVI KLXEEUR EU 465.9 (15.8) 100.3
KLX ENERGY SERVI KX4A TH 465.9 (15.8) 100.3
KLX ENERGY SERVI KX4A GZ 465.9 (15.8) 100.3
KLX ENERGY SERVI KX4A QT 465.9 (15.8) 100.3
L BRANDS INC-BDR B1BW34 BZ 5,494.0 (2,205.0) 887.0
LAMF GLOBAL VENT LGVCU US 265.5 (10.2) (0.4)
LAMF GLOBAL VENT LGVC US 265.5 (10.2) (0.4)
LENNOX INTL INC LXI GR 2,567.6 (203.1) (99.2)
LENNOX INTL INC LII US 2,567.6 (203.1) (99.2)
LENNOX INTL INC LII1EUR EU 2,567.6 (203.1) (99.2)
LENNOX INTL INC LXI TH 2,567.6 (203.1) (99.2)
LENNOX INTL INC LII* MM 2,567.6 (203.1) (99.2)
LESLIE'S INC LESL US 1,076.8 (225.6) 253.9
LESLIE'S INC LE3 GR 1,076.8 (225.6) 253.9
LESLIE'S INC LESLEUR EU 1,076.8 (225.6) 253.9
LESLIE'S INC LE3 QT 1,076.8 (225.6) 253.9
LINDBLAD EXPEDIT LIND US 788.0 (85.6) (157.8)
LINDBLAD EXPEDIT LI4 GR 788.0 (85.6) (157.8)
LINDBLAD EXPEDIT LINDEUR EU 788.0 (85.6) (157.8)
LINDBLAD EXPEDIT LI4 TH 788.0 (85.6) (157.8)
LINDBLAD EXPEDIT LI4 QT 788.0 (85.6) (157.8)
LINDBLAD EXPEDIT LI4 GZ 788.0 (85.6) (157.8)
LOWE'S COS INC LWE GR 43,708.0 (14,254.0) 1,931.0
LOWE'S COS INC LOW US 43,708.0 (14,254.0) 1,931.0
LOWE'S COS INC LWE TH 43,708.0 (14,254.0) 1,931.0
LOWE'S COS INC LWE QT 43,708.0 (14,254.0) 1,931.0
LOWE'S COS INC LOWEUR EU 43,708.0 (14,254.0) 1,931.0
LOWE'S COS INC LWE GZ 43,708.0 (14,254.0) 1,931.0
LOWE'S COS INC LOW* MM 43,708.0 (14,254.0) 1,931.0
LOWE'S COS INC LWE TE 43,708.0 (14,254.0) 1,931.0
LOWE'S COS INC LOWE AV 43,708.0 (14,254.0) 1,931.0
LOWE'S COS INC LOWEUR EZ 43,708.0 (14,254.0) 1,931.0
LOWE'S COS INC LOW-RM RM 43,708.0 (14,254.0) 1,931.0
LOWE'S COS-BDR LOWC34 BZ 43,708.0 (14,254.0) 1,931.0
LUMINAR TECHNOLO LAZR US 687.3 (26.4) 477.0
LUMINAR TECHNOLO LAZR* MM 687.3 (26.4) 477.0
LUMINAR TECHNOLO LAZR-RM RM 687.3 (26.4) 477.0
LUMINAR TECHNOLO 9FS GR 687.3 (26.4) 477.0
LUMINAR TECHNOLO LAZREUR EU 687.3 (26.4) 477.0
LUMINAR TECHNOLO 9FS TH 687.3 (26.4) 477.0
LUMINAR TECHNOLO 9FS GZ 687.3 (26.4) 477.0
LUMINAR TECHNOLO 9FS QT 687.3 (26.4) 477.0
LUMINAR TECHNOLO L2AZ34 BZ 687.3 (26.4) 477.0
MADISON SQUARE G MSGS US 1,300.9 (386.4) (275.0)
MADISON SQUARE G MS8 GR 1,300.9 (386.4) (275.0)
MADISON SQUARE G MSG1EUR EU 1,300.9 (386.4) (275.0)
MADISON SQUARE G MS8 TH 1,300.9 (386.4) (275.0)
MADISON SQUARE G MS8 QT 1,300.9 (386.4) (275.0)
MADISON SQUARE G MS8 GZ 1,300.9 (386.4) (275.0)
MANNKIND CORP NNFN GR 295.3 (250.5) 167.6
MANNKIND CORP MNKD US 295.3 (250.5) 167.6
MANNKIND CORP NNFN TH 295.3 (250.5) 167.6
MANNKIND CORP NNFN QT 295.3 (250.5) 167.6
MANNKIND CORP MNKDEUR EU 295.3 (250.5) 167.6
MANNKIND CORP MNKDEUR EZ 295.3 (250.5) 167.6
MANNKIND CORP NNFN GZ 295.3 (250.5) 167.6
MARKETWISE INC MKTW* MM 442.5 (298.4) (106.3)
MASCO CORP MAS US 5,187.0 (242.0) 1,057.0
MASCO CORP MSQ GR 5,187.0 (242.0) 1,057.0
MASCO CORP MSQ TH 5,187.0 (242.0) 1,057.0
MASCO CORP MAS* MM 5,187.0 (242.0) 1,057.0
MASCO CORP MSQ QT 5,187.0 (242.0) 1,057.0
MASCO CORP MAS1EUR EU 5,187.0 (242.0) 1,057.0
MASCO CORP MSQ GZ 5,187.0 (242.0) 1,057.0
MASCO CORP MAS1EUR EZ 5,187.0 (242.0) 1,057.0
MASCO CORP MAS-RM RM 5,187.0 (242.0) 1,057.0
MASCO CORP-BDR M1AS34 BZ 5,187.0 (242.0) 1,057.0
MATCH GROUP -BDR M1TC34 BZ 4,182.8 (358.9) 326.0
MATCH GROUP INC 0JZ7 LI 4,182.8 (358.9) 326.0
MATCH GROUP INC MTCH US 4,182.8 (358.9) 326.0
MATCH GROUP INC MTCH1* MM 4,182.8 (358.9) 326.0
MATCH GROUP INC 4MGN TH 4,182.8 (358.9) 326.0
MATCH GROUP INC 4MGN GR 4,182.8 (358.9) 326.0
MATCH GROUP INC 4MGN QT 4,182.8 (358.9) 326.0
MATCH GROUP INC 4MGN SW 4,182.8 (358.9) 326.0
MATCH GROUP INC MTC2 AV 4,182.8 (358.9) 326.0
MATCH GROUP INC 4MGN GZ 4,182.8 (358.9) 326.0
MATCH GROUP INC MTCH-RM RM 4,182.8 (358.9) 326.0
MBIA INC MBI US 3,375.0 (876.0) -
MBIA INC MBJ GR 3,375.0 (876.0) -
MBIA INC MBJ TH 3,375.0 (876.0) -
MBIA INC MBJ QT 3,375.0 (876.0) -
MBIA INC MBI1EUR EU 3,375.0 (876.0) -
MBIA INC MBJ GZ 3,375.0 (876.0) -
MCDONALD'S - CDR MCDS CN 50,435.6 (6,003.4) 1,622.1
MCDONALD'S - CDR MDO0 GR 50,435.6 (6,003.4) 1,622.1
MCDONALD'S CORP MDOD EB 50,435.6 (6,003.4) 1,622.1
MCDONALD'S CORP MDOD IX 50,435.6 (6,003.4) 1,622.1
MCDONALD'S CORP MDOD I2 50,435.6 (6,003.4) 1,622.1
MCDONALDS - BDR MCDC34 BZ 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP MDO TH 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP MCD TE 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP MDO GR 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP MCD* MM 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP MCD US 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP MCD SW 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP MCD CI 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP MDO QT 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP MCDUSD SW 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP MCDEUR EU 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP MDO GZ 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP MCD AV 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP MCDEUR EZ 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP 0R16 LN 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP MCD-RM RM 50,435.6 (6,003.4) 1,622.1
MCDONALDS CORP MCDCL CI 50,435.6 (6,003.4) 1,622.1
MCDONALDS-CEDEAR MCDD AR 50,435.6 (6,003.4) 1,622.1
MCDONALDS-CEDEAR MCDC AR 50,435.6 (6,003.4) 1,622.1
MCDONALDS-CEDEAR MCD AR 50,435.6 (6,003.4) 1,622.1
MCKESSON CORP MCK* MM 62,690.0 (2,089.0) (3,349.0)
MCKESSON CORP MCK GR 62,690.0 (2,089.0) (3,349.0)
MCKESSON CORP MCK US 62,690.0 (2,089.0) (3,349.0)
MCKESSON CORP MCK TH 62,690.0 (2,089.0) (3,349.0)
MCKESSON CORP MCK1EUR EU 62,690.0 (2,089.0) (3,349.0)
MCKESSON CORP MCK QT 62,690.0 (2,089.0) (3,349.0)
MCKESSON CORP MCK GZ 62,690.0 (2,089.0) (3,349.0)
MCKESSON CORP MCK1EUR EZ 62,690.0 (2,089.0) (3,349.0)
MCKESSON CORP MCK-RM RM 62,690.0 (2,089.0) (3,349.0)
MCKESSON-BDR M1CK34 BZ 62,690.0 (2,089.0) (3,349.0)
MEDIAALPHA INC-A MAX US 170.1 (86.1) 3.5
MICROSTRATEG-BDR M2ST34 BZ 2,410.3 (383.1) (52.8)
MICROSTRATEGY MSTR US 2,410.3 (383.1) (52.8)
MICROSTRATEGY MIGA GR 2,410.3 (383.1) (52.8)
MICROSTRATEGY MSTREUR EU 2,410.3 (383.1) (52.8)
MICROSTRATEGY MIGA SW 2,410.3 (383.1) (52.8)
MICROSTRATEGY MIGA TH 2,410.3 (383.1) (52.8)
MICROSTRATEGY MIGA QT 2,410.3 (383.1) (52.8)
MICROSTRATEGY MSTREUR EZ 2,410.3 (383.1) (52.8)
MICROSTRATEGY MSTR* MM 2,410.3 (383.1) (52.8)
MICROSTRATEGY MIGA GZ 2,410.3 (383.1) (52.8)
MICROSTRATEGY MSTR-RM RM 2,410.3 (383.1) (52.8)
MICROSTRATEGY MSTR AR 2,410.3 (383.1) (52.8)
MONEYGRAM INTERN MGI US 4,505.2 (145.8) 12.4
MONEYGRAM INTERN 9M1N GR 4,505.2 (145.8) 12.4
MONEYGRAM INTERN 9M1N QT 4,505.2 (145.8) 12.4
MONEYGRAM INTERN 9M1N TH 4,505.2 (145.8) 12.4
MONEYGRAM INTERN MGIEUR EU 4,505.2 (145.8) 12.4
MSCI INC 3HM GR 4,997.5 (1,007.9) 497.4
MSCI INC MSCI US 4,997.5 (1,007.9) 497.4
MSCI INC 3HM QT 4,997.5 (1,007.9) 497.4
MSCI INC 3HM SW 4,997.5 (1,007.9) 497.4
MSCI INC MSCI* MM 4,997.5 (1,007.9) 497.4
MSCI INC MSCIEUR EZ 4,997.5 (1,007.9) 497.4
MSCI INC 3HM GZ 4,997.5 (1,007.9) 497.4
MSCI INC 3HM TH 4,997.5 (1,007.9) 497.4
MSCI INC MSCI AV 4,997.5 (1,007.9) 497.4
MSCI INC MSCI-RM RM 4,997.5 (1,007.9) 497.4
MSCI INC-BDR M1SC34 BZ 4,997.5 (1,007.9) 497.4
NATHANS FAMOUS NATH US 81.8 (46.0) 58.4
NATHANS FAMOUS NFA GR 81.8 (46.0) 58.4
NATHANS FAMOUS NATHEUR EU 81.8 (46.0) 58.4
NEW ENG RLTY-LP NEN US 391.8 (59.9) -
NINE ENERGY SERV NINE US 426.8 (23.5) 115.7
NOVAVAX INC NVV1 GR 2,258.7 (634.1) (756.6)
NOVAVAX INC NVAX US 2,258.7 (634.1) (756.6)
NOVAVAX INC NVV1 TH 2,258.7 (634.1) (756.6)
NOVAVAX INC NVV1 QT 2,258.7 (634.1) (756.6)
NOVAVAX INC NVAXEUR EU 2,258.7 (634.1) (756.6)
NOVAVAX INC NVV1 GZ 2,258.7 (634.1) (756.6)
NOVAVAX INC NVV1 SW 2,258.7 (634.1) (756.6)
NOVAVAX INC NVAX* MM 2,258.7 (634.1) (756.6)
NOVAVAX INC 0A3S LI 2,258.7 (634.1) (756.6)
NOVAVAX INC NVV1 BU 2,258.7 (634.1) (756.6)
NUTANIX INC - A NTNX US 2,357.4 (791.0) 524.3
NUTANIX INC - A 0NU GR 2,357.4 (791.0) 524.3
NUTANIX INC - A NTNXEUR EU 2,357.4 (791.0) 524.3
NUTANIX INC - A 0NU TH 2,357.4 (791.0) 524.3
NUTANIX INC - A 0NU QT 2,357.4 (791.0) 524.3
NUTANIX INC - A 0NU GZ 2,357.4 (791.0) 524.3
NUTANIX INC - A NTNXEUR EZ 2,357.4 (791.0) 524.3
NUTANIX INC - A NTNX-RM RM 2,357.4 (791.0) 524.3
NUTANIX INC-BDR N2TN34 BZ 2,357.4 (791.0) 524.3
O'REILLY AUT-BDR ORLY34 BZ 12,628.0 (1,060.8) (2,015.6)
O'REILLY AUTOMOT OM6 GR 12,628.0 (1,060.8) (2,015.6)
O'REILLY AUTOMOT ORLY US 12,628.0 (1,060.8) (2,015.6)
O'REILLY AUTOMOT OM6 TH 12,628.0 (1,060.8) (2,015.6)
O'REILLY AUTOMOT OM6 QT 12,628.0 (1,060.8) (2,015.6)
O'REILLY AUTOMOT ORLY* MM 12,628.0 (1,060.8) (2,015.6)
O'REILLY AUTOMOT ORLYEUR EU 12,628.0 (1,060.8) (2,015.6)
O'REILLY AUTOMOT OM6 GZ 12,628.0 (1,060.8) (2,015.6)
O'REILLY AUTOMOT ORLY AV 12,628.0 (1,060.8) (2,015.6)
O'REILLY AUTOMOT ORLYEUR EZ 12,628.0 (1,060.8) (2,015.6)
O'REILLY AUTOMOT ORLY-RM RM 12,628.0 (1,060.8) (2,015.6)
OAK STREET HEALT OSH US 2,054.7 (267.3) 395.5
OAK STREET HEALT HE6 GZ 2,054.7 (267.3) 395.5
OAK STREET HEALT HE6 GR 2,054.7 (267.3) 395.5
OAK STREET HEALT OSH3EUR EU 2,054.7 (267.3) 395.5
OAK STREET HEALT HE6 TH 2,054.7 (267.3) 395.5
OAK STREET HEALT HE6 QT 2,054.7 (267.3) 395.5
OAK STREET HEALT OSH* MM 2,054.7 (267.3) 395.5
ORACLE BDR ORCL34 BZ 131,620.0 (1,912.0) (4,184.0)
ORACLE CO-CEDEAR ORCLC AR 131,620.0 (1,912.0) (4,184.0)
ORACLE CO-CEDEAR ORCL AR 131,620.0 (1,912.0) (4,184.0)
ORACLE CO-CEDEAR ORCLD AR 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORCL US 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORC GR 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORCL* MM 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORCL TE 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORC TH 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORCL CI 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORCL SW 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORCLEUR EU 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORC QT 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORCLUSD SW 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORC GZ 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP 0R1Z LN 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORCL AV 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORCLEUR EZ 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORCLCL CI 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORCL-RM RM 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORCD EB 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORCD I2 131,620.0 (1,912.0) (4,184.0)
ORACLE CORP ORCD IX 131,620.0 (1,912.0) (4,184.0)
ORGANON & CO OGN US 10,955.0 (892.0) 1,419.0
ORGANON & CO 7XP TH 10,955.0 (892.0) 1,419.0
ORGANON & CO OGN-WEUR EU 10,955.0 (892.0) 1,419.0
ORGANON & CO 7XP GR 10,955.0 (892.0) 1,419.0
ORGANON & CO OGN* MM 10,955.0 (892.0) 1,419.0
ORGANON & CO 7XP GZ 10,955.0 (892.0) 1,419.0
ORGANON & CO 7XP QT 10,955.0 (892.0) 1,419.0
ORGANON & CO OGN-RM RM 10,955.0 (892.0) 1,419.0
OSISKO GREEN A-A GOGR CN 263.5 (0.7) (3.9)
OTIS WORLDWI OTIS US 9,819.0 (4,664.0) (700.0)
OTIS WORLDWI 4PG GR 9,819.0 (4,664.0) (700.0)
OTIS WORLDWI 4PG GZ 9,819.0 (4,664.0) (700.0)
OTIS WORLDWI OTISEUR EZ 9,819.0 (4,664.0) (700.0)
OTIS WORLDWI OTISEUR EU 9,819.0 (4,664.0) (700.0)
OTIS WORLDWI OTIS* MM 9,819.0 (4,664.0) (700.0)
OTIS WORLDWI 4PG TH 9,819.0 (4,664.0) (700.0)
OTIS WORLDWI 4PG QT 9,819.0 (4,664.0) (700.0)
OTIS WORLDWI OTIS AV 9,819.0 (4,664.0) (700.0)
OTIS WORLDWI OTIS-RM RM 9,819.0 (4,664.0) (700.0)
OTIS WORLDWI-BDR O1TI34 BZ 9,819.0 (4,664.0) (700.0)
PAPA JOHN'S INTL PZZA US 864.2 (269.4) (14.1)
PAPA JOHN'S INTL PP1 GR 864.2 (269.4) (14.1)
PAPA JOHN'S INTL PZZAEUR EU 864.2 (269.4) (14.1)
PAPA JOHN'S INTL PP1 GZ 864.2 (269.4) (14.1)
PAPA JOHN'S INTL PP1 TH 864.2 (269.4) (14.1)
PAPA JOHN'S INTL PP1 QT 864.2 (269.4) (14.1)
PETRO USA INC PBAJ US - (0.1) (0.1)
PHATHOM PHARMACE PHAT US 164.8 (74.8) 134.3
PHILIP MORRI-BDR PHMO34 BZ 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PM1EUR EU 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PMI SW 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PM1 TE 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN 4I1 TH 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PM1CHF EU 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN 4I1 GR 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PM US 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PMIZ IX 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PMIZ EB 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN 4I1 QT 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN 4I1 GZ 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN 0M8V LN 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PMOR AV 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PM* MM 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PM1CHF EZ 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PM1EUR EZ 62,060.0 (7,053.0) (3,414.0)
PHILIP MORRIS IN PM-RM RM 62,060.0 (7,053.0) (3,414.0)
PLANET FITNESS I P2LN34 BZ 2,854.6 (211.6) 311.0
PLANET FITNESS I PLNT* MM 2,854.6 (211.6) 311.0
PLANET FITNESS-A PLNT US 2,854.6 (211.6) 311.0
PLANET FITNESS-A 3PL TH 2,854.6 (211.6) 311.0
PLANET FITNESS-A 3PL GR 2,854.6 (211.6) 311.0
PLANET FITNESS-A 3PL QT 2,854.6 (211.6) 311.0
PLANET FITNESS-A PLNT1EUR EU 2,854.6 (211.6) 311.0
PLANET FITNESS-A PLNT1EUR EZ 2,854.6 (211.6) 311.0
PLANET FITNESS-A 3PL GZ 2,854.6 (211.6) 311.0
PROS HOLDINGS IN PH2 GR 453.0 (35.5) 106.3
PROS HOLDINGS IN PRO US 453.0 (35.5) 106.3
PROS HOLDINGS IN PRO1EUR EU 453.0 (35.5) 106.3
PTC THERAPEUTICS PTCT US 1,705.6 (347.1) 287.5
PTC THERAPEUTICS BH3 GR 1,705.6 (347.1) 287.5
PTC THERAPEUTICS P91 TH 1,705.6 (347.1) 287.5
PTC THERAPEUTICS P91 QT 1,705.6 (347.1) 287.5
PULSE BIOSCIENCE PLSE US 77.9 (2.2) 56.2
PULSE BIOSCIENCE 6L8 GZ 77.9 (2.2) 56.2
RAPID7 INC RPD US 1,359.0 (120.1) (21.0)
RAPID7 INC R7D GR 1,359.0 (120.1) (21.0)
RAPID7 INC RPDEUR EU 1,359.0 (120.1) (21.0)
RAPID7 INC R7D TH 1,359.0 (120.1) (21.0)
RAPID7 INC RPD* MM 1,359.0 (120.1) (21.0)
RAPID7 INC R7D GZ 1,359.0 (120.1) (21.0)
RAPID7 INC R7D QT 1,359.0 (120.1) (21.0)
REATA PHARMACE-A RETA US 514.5 (65.7) 338.8
REATA PHARMACE-A 2R3 GR 514.5 (65.7) 338.8
REATA PHARMACE-A RETAEUR EU 514.5 (65.7) 338.8
REATA PHARMACE-A 2R3 GZ 514.5 (65.7) 338.8
REATA PHARMACE-A 2R3 TH 514.5 (65.7) 338.8
REATA PHARMACE-A 2R3 QT 514.5 (65.7) 338.8
RENT THE RUNWA-A RENT US 336.2 (35.3) 112.1
REVLON INC-A REV* MM 2,489.8 (2,662.7) (48.5)
RIMINI STREET IN RMNI US 391.0 (77.2) (71.3)
RIMINI STREET IN 0QH GR 391.0 (77.2) (71.3)
RIMINI STREET IN RMNIEUR EU 391.0 (77.2) (71.3)
RIMINI STREET IN 0QH QT 391.0 (77.2) (71.3)
RINGCENTRAL IN-A RNG US 2,073.7 (283.3) 143.5
RINGCENTRAL IN-A 3RCA GR 2,073.7 (283.3) 143.5
RINGCENTRAL IN-A RNGEUR EU 2,073.7 (283.3) 143.5
RINGCENTRAL IN-A 3RCA TH 2,073.7 (283.3) 143.5
RINGCENTRAL IN-A 3RCA QT 2,073.7 (283.3) 143.5
RINGCENTRAL IN-A RNGEUR EZ 2,073.7 (283.3) 143.5
RINGCENTRAL IN-A RNG* MM 2,073.7 (283.3) 143.5
RINGCENTRAL IN-A 3RCA GZ 2,073.7 (283.3) 143.5
RINGCENTRAL-BDR R2NG34 BZ 2,073.7 (283.3) 143.5
RYVYL INC RVYL* MM 97.7 (1.9) 22.5
SABRE CORP SABR US 4,962.9 (872.8) 545.9
SABRE CORP 19S GR 4,962.9 (872.8) 545.9
SABRE CORP 19S TH 4,962.9 (872.8) 545.9
SABRE CORP 19S QT 4,962.9 (872.8) 545.9
SABRE CORP SABREUR EU 4,962.9 (872.8) 545.9
SABRE CORP 19S GZ 4,962.9 (872.8) 545.9
SBA COMM CORP 4SB GR 10,585.0 (5,244.6) (214.0)
SBA COMM CORP SBAC US 10,585.0 (5,244.6) (214.0)
SBA COMM CORP 4SB TH 10,585.0 (5,244.6) (214.0)
SBA COMM CORP 4SB QT 10,585.0 (5,244.6) (214.0)
SBA COMM CORP SBACEUR EU 10,585.0 (5,244.6) (214.0)
SBA COMM CORP 4SB GZ 10,585.0 (5,244.6) (214.0)
SBA COMM CORP SBAC* MM 10,585.0 (5,244.6) (214.0)
SEAGATE TECHNOLO S1TX34 BZ 7,967.0 (1,004.0) (42.0)
SEAGATE TECHNOLO STXN MM 7,967.0 (1,004.0) (42.0)
SEAGATE TECHNOLO STX US 7,967.0 (1,004.0) (42.0)
SEAGATE TECHNOLO 847 GR 7,967.0 (1,004.0) (42.0)
SEAGATE TECHNOLO 847 GZ 7,967.0 (1,004.0) (42.0)
SEAGATE TECHNOLO STX4EUR EU 7,967.0 (1,004.0) (42.0)
SEAGATE TECHNOLO 847 TH 7,967.0 (1,004.0) (42.0)
SEAGATE TECHNOLO STXH AV 7,967.0 (1,004.0) (42.0)
SEAGATE TECHNOLO 847 QT 7,967.0 (1,004.0) (42.0)
SEAGATE TECHNOLO STH TE 7,967.0 (1,004.0) (42.0)
SEAWORLD ENTERTA SEAS US 2,325.8 (437.7) (175.5)
SEAWORLD ENTERTA W2L GR 2,325.8 (437.7) (175.5)
SEAWORLD ENTERTA W2L TH 2,325.8 (437.7) (175.5)
SEAWORLD ENTERTA SEASEUR EU 2,325.8 (437.7) (175.5)
SEAWORLD ENTERTA W2L QT 2,325.8 (437.7) (175.5)
SEAWORLD ENTERTA W2L GZ 2,325.8 (437.7) (175.5)
SILVER SPIKE-A SPKC/U CN 6.2 (6.5) (6.5)
SIRIUS XM HO-BDR SRXM34 BZ 10,022.0 (3,351.0) (1,943.0)
SIRIUS XM HOLDIN SIRI US 10,022.0 (3,351.0) (1,943.0)
SIRIUS XM HOLDIN RDO TH 10,022.0 (3,351.0) (1,943.0)
SIRIUS XM HOLDIN RDO GR 10,022.0 (3,351.0) (1,943.0)
SIRIUS XM HOLDIN RDO QT 10,022.0 (3,351.0) (1,943.0)
SIRIUS XM HOLDIN SIRIEUR EU 10,022.0 (3,351.0) (1,943.0)
SIRIUS XM HOLDIN RDO GZ 10,022.0 (3,351.0) (1,943.0)
SIRIUS XM HOLDIN SIRI AV 10,022.0 (3,351.0) (1,943.0)
SIRIUS XM HOLDIN SIRIEUR EZ 10,022.0 (3,351.0) (1,943.0)
SIX FLAGS ENTERT SIX US 2,665.8 (429.2) (193.5)
SIX FLAGS ENTERT 6FE GR 2,665.8 (429.2) (193.5)
SIX FLAGS ENTERT SIXEUR EU 2,665.8 (429.2) (193.5)
SIX FLAGS ENTERT 6FE TH 2,665.8 (429.2) (193.5)
SIX FLAGS ENTERT 6FE QT 2,665.8 (429.2) (193.5)
SLEEP NUMBER COR SNBR US 953.9 (438.2) (732.1)
SLEEP NUMBER COR SL2 GR 953.9 (438.2) (732.1)
SLEEP NUMBER COR SNBREUR EU 953.9 (438.2) (732.1)
SLEEP NUMBER COR SL2 TH 953.9 (438.2) (732.1)
SLEEP NUMBER COR SL2 QT 953.9 (438.2) (732.1)
SLEEP NUMBER COR SL2 GZ 953.9 (438.2) (732.1)
SMILEDIRECTCLUB SDC* MM 597.1 (385.2) 180.6
SONDER HOLDINGS SOND* MM 1,573.6 (19.9) 62.3
SPIRIT AEROSYS-A S9Q GR 6,666.2 (243.8) 1,205.8
SPIRIT AEROSYS-A SPR US 6,666.2 (243.8) 1,205.8
SPIRIT AEROSYS-A S9Q TH 6,666.2 (243.8) 1,205.8
SPIRIT AEROSYS-A SPREUR EU 6,666.2 (243.8) 1,205.8
SPIRIT AEROSYS-A S9Q QT 6,666.2 (243.8) 1,205.8
SPIRIT AEROSYS-A SPREUR EZ 6,666.2 (243.8) 1,205.8
SPIRIT AEROSYS-A S9Q GZ 6,666.2 (243.8) 1,205.8
SPIRIT AEROSYS-A SPR-RM RM 6,666.2 (243.8) 1,205.8
SPLUNK INC SPLK US 6,343.9 (110.5) 835.0
SPLUNK INC S0U GR 6,343.9 (110.5) 835.0
SPLUNK INC S0U TH 6,343.9 (110.5) 835.0
SPLUNK INC S0U QT 6,343.9 (110.5) 835.0
SPLUNK INC SPLK SW 6,343.9 (110.5) 835.0
SPLUNK INC SPLKEUR EU 6,343.9 (110.5) 835.0
SPLUNK INC SPLK* MM 6,343.9 (110.5) 835.0
SPLUNK INC SPLKEUR EZ 6,343.9 (110.5) 835.0
SPLUNK INC S0U GZ 6,343.9 (110.5) 835.0
SPLUNK INC SPLK-RM RM 6,343.9 (110.5) 835.0
SPLUNK INC - BDR S1PL34 BZ 6,343.9 (110.5) 835.0
SQUARESPACE IN-A SQSP US 730.5 (303.0) (110.3)
SQUARESPACE IN-A 8DT GR 730.5 (303.0) (110.3)
SQUARESPACE IN-A 8DT GZ 730.5 (303.0) (110.3)
SQUARESPACE IN-A SQSPEUR EU 730.5 (303.0) (110.3)
SQUARESPACE IN-A 8DT TH 730.5 (303.0) (110.3)
SQUARESPACE IN-A 8DT QT 730.5 (303.0) (110.3)
STARBUCKS CORP SBUX US 28,256.1 (8,665.9) (2,311.3)
STARBUCKS CORP SBUX* MM 28,256.1 (8,665.9) (2,311.3)
STARBUCKS CORP SRB TH 28,256.1 (8,665.9) (2,311.3)
STARBUCKS CORP SRB GR 28,256.1 (8,665.9) (2,311.3)
STARBUCKS CORP SBUX CI 28,256.1 (8,665.9) (2,311.3)
STARBUCKS CORP SBUX SW 28,256.1 (8,665.9) (2,311.3)
STARBUCKS CORP SRB QT 28,256.1 (8,665.9) (2,311.3)
STARBUCKS CORP SBUXUSD SW 28,256.1 (8,665.9) (2,311.3)
STARBUCKS CORP SRB GZ 28,256.1 (8,665.9) (2,311.3)
STARBUCKS CORP SBUX AV 28,256.1 (8,665.9) (2,311.3)
STARBUCKS CORP SBUX TE 28,256.1 (8,665.9) (2,311.3)
STARBUCKS CORP SBUXEUR EU 28,256.1 (8,665.9) (2,311.3)
STARBUCKS CORP 1SBUX IM 28,256.1 (8,665.9) (2,311.3)
STARBUCKS CORP SBUXEUR EZ 28,256.1 (8,665.9) (2,311.3)
STARBUCKS CORP 0QZH LI 28,256.1 (8,665.9) (2,311.3)
STARBUCKS CORP SBUX-RM RM 28,256.1 (8,665.9) (2,311.3)
STARBUCKS CORP SBUXCL CI 28,256.1 (8,665.9) (2,311.3)
STARBUCKS CORP SBUX_KZ KZ 28,256.1 (8,665.9) (2,311.3)
STARBUCKS CORP SRBD BQ 28,256.1 (8,665.9) (2,311.3)
STARBUCKS CORP SRBD EB 28,256.1 (8,665.9) (2,311.3)
STARBUCKS CORP SRBD IX 28,256.1 (8,665.9) (2,311.3)
STARBUCKS CORP SRBD I2 28,256.1 (8,665.9) (2,311.3)
STARBUCKS-BDR SBUB34 BZ 28,256.1 (8,665.9) (2,311.3)
STARBUCKS-CEDEAR SBUX AR 28,256.1 (8,665.9) (2,311.3)
STARBUCKS-CEDEAR SBUXD AR 28,256.1 (8,665.9) (2,311.3)
SYNDAX PHARMACEU SNDX US 497.2 (225.6) 460.7
SYNDAX PHARMACEU 1T3 GR 497.2 (225.6) 460.7
SYNDAX PHARMACEU SNDXEUR EU 497.2 (225.6) 460.7
SYNDAX PHARMACEU 1T3 TH 497.2 (225.6) 460.7
SYNDAX PHARMACEU 1T3 QT 497.2 (225.6) 460.7
SYNDAX PHARMACEU 1T3 GZ 497.2 (225.6) 460.7
TEMPUR SEALY INT TPD GR 4,359.8 (12.3) 214.0
TEMPUR SEALY INT TPX US 4,359.8 (12.3) 214.0
TEMPUR SEALY INT TPXEUR EU 4,359.8 (12.3) 214.0
TEMPUR SEALY INT TPD TH 4,359.8 (12.3) 214.0
TEMPUR SEALY INT TPD GZ 4,359.8 (12.3) 214.0
TEMPUR SEALY INT T2PX34 BZ 4,359.8 (12.3) 214.0
TEMPUR SEALY INT TPX-RM RM 4,359.8 (12.3) 214.0
TEMPUR SEALY INT TPX1* MM 4,359.8 (12.3) 214.0
TORRID HOLDINGS CURV US 527.3 (230.2) (51.2)
TRANSDIGM - BDR T1DG34 BZ 18,489.0 (3,328.0) 4,521.0
TRANSDIGM GROUP T7D GR 18,489.0 (3,328.0) 4,521.0
TRANSDIGM GROUP TDG US 18,489.0 (3,328.0) 4,521.0
TRANSDIGM GROUP T7D QT 18,489.0 (3,328.0) 4,521.0
TRANSDIGM GROUP TDGEUR EU 18,489.0 (3,328.0) 4,521.0
TRANSDIGM GROUP T7D TH 18,489.0 (3,328.0) 4,521.0
TRANSDIGM GROUP TDG* MM 18,489.0 (3,328.0) 4,521.0
TRANSDIGM GROUP TDGEUR EZ 18,489.0 (3,328.0) 4,521.0
TRANSDIGM GROUP TDG-RM RM 18,489.0 (3,328.0) 4,521.0
TRAVEL + LEISURE WD5A GR 6,757.0 (904.0) 903.0
TRAVEL + LEISURE TNL US 6,757.0 (904.0) 903.0
TRAVEL + LEISURE WD5A TH 6,757.0 (904.0) 903.0
TRAVEL + LEISURE WD5A QT 6,757.0 (904.0) 903.0
TRAVEL + LEISURE WYNEUR EU 6,757.0 (904.0) 903.0
TRAVEL + LEISURE 0M1K LI 6,757.0 (904.0) 903.0
TRAVEL + LEISURE WD5A GZ 6,757.0 (904.0) 903.0
TRAVEL + LEISURE TNL* MM 6,757.0 (904.0) 903.0
TRIUMPH GROUP TG7 GR 1,597.3 (688.1) 453.2
TRIUMPH GROUP TGI US 1,597.3 (688.1) 453.2
TRIUMPH GROUP TGIEUR EU 1,597.3 (688.1) 453.2
TRIUMPH GROUP TG7 TH 1,597.3 (688.1) 453.2
UBIQUITI INC 3UB GR 1,268.7 (248.0) 530.1
UBIQUITI INC UI US 1,268.7 (248.0) 530.1
UBIQUITI INC UBNTEUR EU 1,268.7 (248.0) 530.1
UBIQUITI INC 3UB TH 1,268.7 (248.0) 530.1
UNITI GROUP INC UNIT US 4,851.2 (2,271.2) -
UROGEN PHARMA LT URGN US 135.6 (89.4) 105.0
UROGEN PHARMA LT UR8 GR 135.6 (89.4) 105.0
UROGEN PHARMA LT URGNEUR EU 135.6 (89.4) 105.0
VECTOR GROUP LTD VGR GR 908.6 (807.9) 316.7
VECTOR GROUP LTD VGR US 908.6 (807.9) 316.7
VECTOR GROUP LTD VGR QT 908.6 (807.9) 316.7
VECTOR GROUP LTD VGREUR EU 908.6 (807.9) 316.7
VECTOR GROUP LTD VGREUR EZ 908.6 (807.9) 316.7
VECTOR GROUP LTD VGR TH 908.6 (807.9) 316.7
VECTOR GROUP LTD VGR GZ 908.6 (807.9) 316.7
VERISIGN INC VRS TH 1,733.4 (1,562.2) (78.2)
VERISIGN INC VRS GR 1,733.4 (1,562.2) (78.2)
VERISIGN INC VRSN US 1,733.4 (1,562.2) (78.2)
VERISIGN INC VRS QT 1,733.4 (1,562.2) (78.2)
VERISIGN INC VRSNEUR EU 1,733.4 (1,562.2) (78.2)
VERISIGN INC VRS GZ 1,733.4 (1,562.2) (78.2)
VERISIGN INC VRSN* MM 1,733.4 (1,562.2) (78.2)
VERISIGN INC VRSNEUR EZ 1,733.4 (1,562.2) (78.2)
VERISIGN INC VRSN-RM RM 1,733.4 (1,562.2) (78.2)
VERISIGN INC-BDR VRSN34 BZ 1,733.4 (1,562.2) (78.2)
VERISIGN-CEDEAR VRSN AR 1,733.4 (1,562.2) (78.2)
WAVE LIFE SCIENC WVE US 146.4 (37.2) 27.0
WAVE LIFE SCIENC WVEEUR EU 146.4 (37.2) 27.0
WAVE LIFE SCIENC 1U5 GR 146.4 (37.2) 27.0
WAVE LIFE SCIENC 1U5 TH 146.4 (37.2) 27.0
WAVE LIFE SCIENC 1U5 GZ 146.4 (37.2) 27.0
WAYFAIR INC- A W US 3,580.0 (2,550.0) (139.0)
WAYFAIR INC- A 1WF GR 3,580.0 (2,550.0) (139.0)
WAYFAIR INC- A 1WF TH 3,580.0 (2,550.0) (139.0)
WAYFAIR INC- A WEUR EU 3,580.0 (2,550.0) (139.0)
WAYFAIR INC- A 1WF QT 3,580.0 (2,550.0) (139.0)
WAYFAIR INC- A WEUR EZ 3,580.0 (2,550.0) (139.0)
WAYFAIR INC- A 1WF GZ 3,580.0 (2,550.0) (139.0)
WAYFAIR INC- A W* MM 3,580.0 (2,550.0) (139.0)
WAYFAIR INC- BDR W2YF34 BZ 3,580.0 (2,550.0) (139.0)
WEWORK INC-CL A WE* MM 17,863.0 (3,455.0) (1,541.0)
WINGSTOP INC WING US 424.2 (390.9) 164.3
WINGSTOP INC EWG GR 424.2 (390.9) 164.3
WINGSTOP INC WING1EUR EU 424.2 (390.9) 164.3
WINGSTOP INC EWG GZ 424.2 (390.9) 164.3
WINMARK CORP WINA US 39.7 (54.0) 14.4
WINMARK CORP GBZ GR 39.7 (54.0) 14.4
WW INTERNATIONAL WW US 1,028.4 (683.8) 84.8
WW INTERNATIONAL WW6 GR 1,028.4 (683.8) 84.8
WW INTERNATIONAL WW6 TH 1,028.4 (683.8) 84.8
WW INTERNATIONAL WTWEUR EU 1,028.4 (683.8) 84.8
WW INTERNATIONAL WW6 QT 1,028.4 (683.8) 84.8
WW INTERNATIONAL WW6 GZ 1,028.4 (683.8) 84.8
WW INTERNATIONAL WTW AV 1,028.4 (683.8) 84.8
WW INTERNATIONAL WTWEUR EZ 1,028.4 (683.8) 84.8
WW INTERNATIONAL WW-RM RM 1,028.4 (683.8) 84.8
WYNN RESORTS LTD WYR GR 13,415.1 (1,640.4) 2,218.2
WYNN RESORTS LTD WYNN* MM 13,415.1 (1,640.4) 2,218.2
WYNN RESORTS LTD WYNN US 13,415.1 (1,640.4) 2,218.2
WYNN RESORTS LTD WYR TH 13,415.1 (1,640.4) 2,218.2
WYNN RESORTS LTD WYNN SW 13,415.1 (1,640.4) 2,218.2
WYNN RESORTS LTD WYR QT 13,415.1 (1,640.4) 2,218.2
WYNN RESORTS LTD WYNNEUR EU 13,415.1 (1,640.4) 2,218.2
WYNN RESORTS LTD WYR GZ 13,415.1 (1,640.4) 2,218.2
WYNN RESORTS LTD WYNNEUR EZ 13,415.1 (1,640.4) 2,218.2
WYNN RESORTS LTD WYNN-RM RM 13,415.1 (1,640.4) 2,218.2
WYNN RESORTS-BDR W1YN34 BZ 13,415.1 (1,640.4) 2,218.2
YUM! BRANDS -BDR YUMR34 BZ 5,846.0 (8,876.0) (56.0)
YUM! BRANDS INC YUM US 5,846.0 (8,876.0) (56.0)
YUM! BRANDS INC TGR GR 5,846.0 (8,876.0) (56.0)
YUM! BRANDS INC TGR TH 5,846.0 (8,876.0) (56.0)
YUM! BRANDS INC YUMEUR EU 5,846.0 (8,876.0) (56.0)
YUM! BRANDS INC TGR QT 5,846.0 (8,876.0) (56.0)
YUM! BRANDS INC YUM SW 5,846.0 (8,876.0) (56.0)
YUM! BRANDS INC YUMUSD SW 5,846.0 (8,876.0) (56.0)
YUM! BRANDS INC TGR GZ 5,846.0 (8,876.0) (56.0)
YUM! BRANDS INC YUM* MM 5,846.0 (8,876.0) (56.0)
YUM! BRANDS INC YUM AV 5,846.0 (8,876.0) (56.0)
YUM! BRANDS INC YUMEUR EZ 5,846.0 (8,876.0) (56.0)
YUM! BRANDS INC YUM-RM RM 5,846.0 (8,876.0) (56.0)
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $975 for 6 months delivered via
e-mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000.
*** End of Transmission ***